The suburbs where average wage earners can afford to buy property

Average wage earners are being forced to look further and further afield to get onto the property ladder as sluggish growth in incomes fails to keep pace with rapid property price gains.

Apartments in The Entrance and Gosford on the Central Coast, and in Penrith and Campbelltown in the city’s west and south-west – all more than 50 kilometres from the Sydney CBD – would also come close to their limit.Those turning to Penrith could expect to pick up a near new two-bedroom, two-bathroom apartment with parking, said Bianca Rossetto of Raine & Horne Penrith.

Unit buyers could look to suburbs like Erskineville in the inner west and Killara on the north shore.Melbourne had the third-highest median weekly earnings of the capital cities, at $1200, giving the median earner a potential budget of $468,000.Credit:At less than half of Melbourne’s median house price of about $1,037,900, such a budget would only stretch to houses in the outer suburbs, such as Kurunjang and nearby Melton and Melton South all more than 35 kilometres west of the CBD.

Such a budget could secure a median-priced house in Bellbird Park , more than 20 kilometres south-west of the Brisbane CBD, or apartments closer to the city centre in Taringa and Cannon Hill . A three-bedroom Greenslopes house ready for renovation recently sold for $935,000, just above the suburb’s median house price.

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