Salary needed to buy average Australian home surges despite falling property prices

Key points

• Falling home prices have not made buying easier, according to new Canstar modelling. Buyers in Sydney now need about $245,000 a year in gross income to buy an average-priced home.
• In Brisbane, the average home needs a salary of $185,000, up from $160,000 last year. Repeated interest rate rises have pushed up borrowing costs faster than prices have fallen.
• Master Builders NSW said the tax changes had failed to improve affordability.