Recent studies highlight the challenges faced by singles in Sydney’s housing market. Research by Compare the Market reveals that no suburb among the city’s 635 metropolitan areas is affordable for individuals earning the median weekly income of $1,416. A single person attempting to enter the property market would need to allocate over 30% of their income to mortgage repayments, leading to potential financial strain. This scenario worsens when considering additional costs such as a 20% deposit, insurance, rates, and maintenance, which are often beyond reach.
In contrast, couples have slightly more opportunities, with 126 suburbs deemed affordable when combining incomes. Some of these include Cabramatta, Liverpool, and Mt Druitt. While there has been a slight drop in median house prices recently—now sitting around $1.5 million—and unit prices at nearly $860,000, experts predict potential future increases as interest rates decline.
In summary, Sydney’s housing market presents significant barriers for individuals, making home ownership a daunting prospect for many singles.