CoreLogic data reveals the least and most affordable housing markets for buyers
A new analysis from CoreLogic highlights stark housing affordability disparities across Australia, with Sydney electorates emerging as the most difficult places to buy a home.
According to the report, four of the top five — and 12 of the top 20 — most unaffordable federal electorates for homebuyers are in Sydney.
In contrast, the most affordable regions are found in regional Queensland, which accounts for six of the 20 most accessible areas. Melbourne follows with four electorates, and regional New South Wales with three.
The Darwin electorate of Solomon ranks as the most affordable in the country for home ownership, while Melbourne holds the lowest dwelling value-to-income ratio at just 4.7.
The report also revealed contrasting rental affordability trends. Electorates experiencing the greatest rental pressure are primarily located in regional Queensland and regional New South Wales. On the flip side, the outer fringes of Melbourne — particularly in the west — offer the most affordable rental options.
CoreLogic’s research draws from four separate affordability metrics, all of which were at or near historic highs at the end of 2024.
The national median dwelling price remains at eight times the median household income, marking a return to record levels first reached in 2022. Mortgage serviceability is similarly strained, with more than 50% of a typical household’s pre-tax income required to meet repayments on the median-priced home with a 20% deposit.
Saving for that deposit has become increasingly difficult, with households needing an average of 10.6 years to save a 20% deposit, assuming a 15% savings rate — something many are struggling to maintain amid rising everyday expenses. Meanwhile, renters are also under pressure, with about one-third of their income needed to cover rent.
“Housing has emerged as a pivotal issue in the upcoming federal election, with housing policies taking centre stage in the political debate and dominating discussion among voters,” said Tim Lawless (pictured above), research director at CoreLogic Australia.
“Housing affordability challenges have been with us for a long time and most economists agree that policies announced in the lead up to the election are more focussed on applying a band-aid to the symptoms of housing affordability rather than addressing the underlying issues that have created such an unaffordable housing sector: a long running under-supply of appropriate housing relative to demand.”
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