Houses are out-earning some of Australia’s top-paid professionals, with price growth in some cities outstripping the income of surgeons, psychiatrists and chief executive officers.
Houses in both Sydney and Canberra earned more money over the past quarter than most of the top-10 earning occupations in Australia, with median prices jumping by more than $1000 a day in both cities.
Meanwhile, the average full-time worker would need to save almost half their earnings to even keep their deposit in line with house price growth.
In Sydney, the median house price jumped almost $107,000 over the quarter or about $1175 per day, to a record median of $1,410,133. That is more than a surgeon or anaesthetist – the nation’s top occupations with an average taxable annual income of more than $380,000 – could earn over the same period, according to the latest figures from the Australian Taxation Office.
It also topped the incomes of internal medicine specialists and financial dealers on respective incomes of almost $305,000 and $276,000, as of the 2018-19 financial year.
Over the year, these professions would still be ahead, with Sydney’s median up to $272,887 over the 12 months to June. However, annual house price growth still topped the incomes of other top earners like psychiatrists ($235,558), judicial and legal professions ($188,798) and mining engineers ($184,507).
It was a similar story in Canberra, where prices have jumped more than $95,000 over the quarter, or about $1050 per day, to a record median of $1,015,833. House prices are now up almost 30 per cent or $229,316 over the year.
Annual price jumps of more than $110,000 were also seen in Melbourne, Hobart and Darwin, which equates to more than two-thirds of the average income of a chief executive ($164,896) or engineering manager ($159,940).