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5 months ago
22
A recently-sold Sydney semi-detached house with no car space is beyond the reach of even the top one per cent of income earners - stirring anger among many Australians.
The three-bedroom home in Queens Park in the eastern suburbs sold for $3.45million in May.
The house would be beyond the reach of even the top one per cent of income earners in the country.
However, the property would be considered a bargain in this part of Sydney where the median house price is $4.17million, despite being two suburbs back from the beach.
A photo of the Queens Park house was shared to X where the new owners were sarcastically congratulated.
A recently-sold Sydney duplex house with no car space is beyond the reach of even the top one per cent of income earners - stirring social media anger
The house would be considered a bargain in this part of Sydney's eastern suburbs where the median house price is $4.17million, despite being two suburbs back from the beach
'Congratulations to the young couple with three kids on a combined pre-tax income of $600k a year who have worked their a***s off the last 10 years to save for a 10 per cent deposit on this entry-level half-a-house home without a parking spot and single bathroom,' the caption read.
Social media users were left disheartened with many questioning how they would even stand a chance getting a foot on the property ladder.
'I don't know any couple with a combined income of $600k. They'll be just fine,' one wrote.
Another added: 'I'm willing to bet it's not their first home. People spending millions are usually climbing the property ladder.'
A X account, Reserve Bank of Property, sarcastically congratulated the new owners
The property previously sold for $2.310million in 2017 and $315,000 in 1994. The latest price was 35 times an average, full-time salary of $98,218.
Just seven years ago, its selling price was 28 times the average pay of $81,531.
Three decades ago, this duplex cost 9.8 times the average salary of $32,240 which meant it was in fact more affordable for the typical worker than a median-priced house in western Sydney is now.
A $1.4million house in Sydney now costs 14.6 times the average, full-time salary of $98,218.
Very few professionals typically earn the $530,000 salary needed to afford this house with a 20 per cent deposit, including brain surgeons on $593,221.
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