Ratio of House Price to Incomes for Average Workers Melbourne



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An indication of the real increase in property prices is the median property priced set against the median household income of those groups that actually purchase properties.

For that reason, rather than using the national average wage, which includes all part time wages, 16 year old workers etc., I have used a household income calculated on a household with one full time income and one part time income.

Property to Wage ratios for Melbourne, Victoria.

Qtr Annual Income Property Price Ratio
Nov-2002 $77,080 $260,000 Jun-2002 3.37
Nov-2003 $82,610 $287,500 Jun-2003 3.48
Nov-2004 $86,869 $307,500 Jun-2004 3.54
Nov-2005 $87,555 $320,000 Jun-2005 3.65
Nov-2006 $89,232 $345,000 Jun-2006 3.87
Nov-2007 $93,187 $362,000 Jun-2007 3.88
Nov-2008 $97,570 $400,000 Jun-2008 4.10
Nov-2009 $104,068 $403,000 Jun-2009 3.87

Notes:

  • Annual Income is based on 1.5 times the Average Full Time Male Adult Total Weekly Wages, for Victoria, shown by the Australian Bureau of Statistics in “6302.0 – Average Weekly Earnings, Victoria”
  • Property price is the Median detached property price, for Melbourne, shown by the Australian Bureau of Statistics in “6416.0 House Price Indexes: Eight Capital Cities – Melbourne”

The Melbourne Property to Wage ratios for an average Single Income would be as follows:

Qtr Annual Income Property Price Ratio
Nov-2002 $51,386 $260,000 Jun-2002 5.06
Nov-2003 $55,073 $287,500 Jun-2003 5.22
Nov-2004 $57,912 $307,500 Jun-2004 5.31
Nov-2005 $58,370 $320,000 Jun-2005 5.48
Nov-2006 $59,488 $345,000 Jun-2006 5.80
Nov-2007 $62,124 $362,000 Jun-2007 5.83
Nov-2008 $65,047 $400,000 Jun-2008 6.15
Nov-2009 $69,378 $403,000 Jun-2009 5.81

Notes:


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  • Annual Income is based on the Average Full Time Male Adult Total Weekly Wages, for Victoria, shown by the Australian Bureau of Statistics in “6302.0 – Average Weekly Earnings, Victoria”
  • Property price is the Median detached property price, for Melbourne, shown by the Australian Bureau of Statistics in “6416.0 House Price Indexes: Eight Capital Cities – Melbourne”

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