The bay islands have stood out as the most affordable area in the Redlands to buy a house, with Finder data showing you need a minimum salary of $185,750 to purchase a house in the Redlands.
In this month’s Finder RBA Cash Rate Survey, 45 experts and economists weighed in on future cash rate moves and other issues relating to the state of the economy.
Almost three-quarters of the panel correctly predicted a rate rise of 25 basis points – bringing the cash rate to 4.35 per cent in November.
According to Finder research, buying a home is becoming increasingly out of reach for many Australians.
Data shows that those looking to purchase a house in Redlands would need a minimum income of $185,751 to comfortably service their mortgage, and $146,337 to afford a unit.
Russell Island and Macleay Island took out the top two spots for the most affordable areas to purchase a house within Redlands, with mainland suburbs like Capalaba, Alexandra Hills and Mount Cotton following behind.
On a national scale, the data showed the minimum household income required to afford the average Australian house price was $182,000, and $130,000 for units.
Head of consumer research at Finder Graham Cooke said it was a tough pill to swallow for homeowners.
“Mortgage holders are already on the ropes. The last thing they wanted was another slug from the RBA,” he said.
Mr Cooke said Australians with a $590,000 mortgage would now be forking out roughly $1345 more per month than they were in April last year.
“That’s a huge amount of extra money to be spending on your mortgage, especially when the cost of almost everything else is going up,” he said.
The data showed those looking to purchase a house in Brisbane would need a minimum household income of $155,489 to purchase a house and a minimum yearly wage of $99,001 to comfortably afford a unit.
Mr Cooke said the prospect of owning a home was dwindling for new buyers trying to get into the market.
“People are looking at stretching themselves financially in order to purchase a property,” he said.
“Whilst not impossible, there are a lot of things to consider for those aspiring to own a home.”
Mr Cooke said mortgage holders who faced tighter financial restraints had been left with no other option but to tap into their savings.