Making headlines today, The Daily Telegraph has reported that Sydney households are spending three quarters of their average monthly income on mortgage repayments.
According to the paper, a survey of global cities found that Sydney residents spend a greater percentage of their income on mortgage repayments than any other city.
New York residents spend, on average, less than half of the monthly income on mortgage repayments, while London residents spend less than two thirds.
The Sydney median house price is $626,444 with residents spending as much as $4,123 on monthly mortgage repayments.
The RBA’s head of financial stability department, Dr Luci said rising property prices were forcing Sydneysiders to spend more of their income on mortgage repayments.
That said, Dr Ellis confessed that the Australian property market is begging to steady – something Sydney residents are sure to welcome.
The growth in dwelling prices has reduced over the recent months with the more expansive suburbs showing the highest result, Ms Ellis said.
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