Workers on salaries of just $16,000 a year can buy their dream home in some Australian suburbs, while others command wages of $700,000.
Potential homebuyers could break into the Melbourne property market on an annual wage of $40,000, analysis of median house price data by Finder found.
Those looking in Brisbane suburbs could secure a property on as little as about $25,000, while Sydneysiders would also need an income of at least $40,000.
Those looking to buy in Adelaide could find the cheapest deals and are able to enter the property market in some suburbs on an annual income of just under $20,000.
The data was calculated using the cheapest home loan rate currently on the Australian market at just 1.95 per cent.
A deposit of 80 per cent was also used for the data along with assuming about 30 per cent of income was used for loan repayments – a common benchmark applied by lenders.
Coronavirus lockdowns and travel bans have appeared to affect the market considerably to the advantage of first homebuyers.
Back in March, the average mortgage rate offered by banks was 4.04 per cent and the average house price across the country was about two per cent higher.
‘With the cash rate at an all-time low and not likely to budge in the foreseeable future, there has never been a better time for borrowers to reduce their repayments or for first-time buyers to get on the housing ladder,’ insights manager at Finder Graham Cooke told Daily Mail Australia.
‘We are seeing the first sub-2 per cent rates appear in the market, with one 1.95 per cent product available nationally, and many others in the same ballpark.’
Mr Cooke explained while the big banks can offer discounts to high-value customers, many small lenders offer low rates with no hidden extras.
‘The door is open for lower and middle-income suburbs – with the combination of lower rates and cheaper prices, now is the time to be looking.’ he said.
Looking st specific cities around the country, in Sydney buyers could purchase a house in the cheap areas of Austral and Wilmot on a salary of about $43,000 a year.
While the expensive suburbs of the Harbour City such as Point Piper and Millers Point required more than $220,000 of income a year.
The Brisbane housing market could be cracked on a salary of just under $25,000 with houses available on Russell Island and Riverview in Ipwsich at this price point.
At the most expensive end of town buyers would need and annual household income of more than $208,000 in the upmarket suburb of Teneriffe, still calculated at the very low mortgage rate of 1.95 per cent.
In Melbourne the suburbs of Melton and Millgrove have properties that could be secured on a salary of about $43,000 a year, while a huge $467,863 salary was needed to purchase a house in Toorak.
Adelaide was the best city for first homebuyers with properties in Elizabeth and Smithfield Plains able to be bought on a wage of just under $20,000.
Springfield and Leabrook were Adelaide’s most expensive areas with an annual income of more than $150,000 required to secure a property.