Anthony Albanese represents one of ‘s most expensive electorates when it comes to buying a house or unit.
Mr Albanese’s Grayndler electorate is now so gentrified that it’s ‘s eighth most expensive electorate, out of 150, to buy a home compared with incomes, a CoreLogic analysis showed.
With apartments near the city in short supply, the median property price of $1.584million is 11.8 times the area’s mid-point household income of $134,255, with this figure covering dual-income couples, single people, fixed-income retirees and those living on welfare.
Mr Albanese’s home suburb of Marrickville has an even more expensive median house price of $2.149million.
By contrast, Opposition Leader Peter Dutton’s northern Brisbane electorate of Dickson has a much cheaper median home price of $935,071, costing 7.4 times the area’s typical household income of $126,360.
The Liberal leader’s marginal seat was even in the bottom half of electorates for unaffordable housing.
Mr Dutton’s home suburb of Dayboro’s median house price of $1.117million is almost than half the price of Marrickville.
But Greens leader Adam Bandt’s seat of Melbourne was ‘s fourth most affordable place to buy a home, based on the inner-city area’s concentration of high-rise apartments.
The area’s median property price of $539,783 cost just 4.7 times the typical household income of $114,847.
Sydney was home to 12 of ‘s 20 most expensive electorates when it came to buying a home, with Melbourne, the Gold Coast, Sunshine Coast, Wollongong and Byron Bay also making the list.
Labor holds five seats in the top 10 list for unaffordability, ahead of the Liberal Party’s three and just one for the Teals.
The marginal Liberal-held seat of Bradfield, on Sydney’s north shore, was ‘s most difficult electorate to buy a typical home with the median property price of $2.72million costing 16.5 times the typical household income of $164,877.
Intriguingly, Allegra Spender’s Teal-held electorate of Wentworth in Sydney’s eastern suburbs was 12th on the list, despite having ultra-expensive $9million harbourside mansions in places like Vaucluse, Bellevue Hill and Point Piper and postcodes with average taxable incomes above $200,000.
CoreLogic ‘s research director Tim Lawless said that was because Sydney’s east had a higher proportion of units compared with the north shore, which saw its median property price of $1.736million cost 11.4 times the mid-point household income of $152,321.
‘It’s also an electorate with much higher housing density. In the Wentworth electorate, 69 per cent of dwellings are classified as units, compared with just 40 per cent of housing in Bradfield,’ he said.
‘It’s a timely reminder about the affordability benefits that a diverse range of housing stock can provide.’
Another Teal electorate, Mackellar on Sydney’s northern beaches, was the second most expensive place to buy with a median price of $2.192million costing 14.1 times the typical household income of $155,456.
Even less fashionable parts of Sydney’s south-west were unaffordable with the Liberal-held seat of Banks, covering the Georges River suburbs of Milperra and Picnic Point, third on the list, with its median property price of $1.464million costing 13.1 times the typical household income of $111,751.
The independent-held Sydney south-west seat of Fowler, covering Cabramatta, was fourth on the list with its mid-point price of $1.104million costing 12.6 times the typical household income of $87,606.
Home Affairs Minister Tony Burke’s safe Labor seat of Watson, covering Lakemba in south-west Sydney, with sixth on the list with its median home price of $1.101million costing 12.2 times the typical household income of $90,255.
The Labor-held electorate of Richmond, covering Byron Bay and Tweed Heads in northern NSW, was fifth on the unaffordability list, with its median price of $1.108million costing 12.4 times the area’s household income of $89,347.
On the other side of the state border, the Liberal-held Queensland Gold Coast seat of McPherson, covering Coolangatta, was ninth on the unaffordability list with the median property price of $1.221million costing 11.7 times the typical household income of $104,372.
The marginal Labor-held seat of Chisholm, covering Malvern East and Wheelers Hill in Melbourne’s east, was seventh on the list with its mid-point price of $1.383million costing 11.8 times the area’s typical household pay of $117,191.
Former Liberal prime minister Scott Morrison’s old Sydney Sutherland Shire seat of Cook, covering Cronulla, was 11th on the list with its median home price of $1.575million costing 11.5 times the area’s household income of $136,917.
‘s banks don’t typically lend an individual borrower or a dual-income couple more than 5.2 times their income.
‘s median home price compared with household incomes has been above the ‘six’ level since 2003 and in December, that ratio stood at eight.
Very few electorates are affordable with the marginal Darwin-based Labor seat of Solomon the most accessible housing market, with the median home price of $503,294 costing just 4.2 time the typical household pay of $119,831.
1. BRADFIELD (LIBERAL): $2,720,471 median price, 16.5 times income on Sydney’s north shore
2. MACKELLAR (TEAL): $2,191,925 median price, 14.1 times income on Sydney’s northern beaches
3. BANKS (LIBERAL): $1,463,950 median price, 13.1 times income in Sydney’s south-west
4. FOWLER (INDEPENDENT): $1,103,835 median price, 12.6 times income in Sydney’s outer south-west
5. RICHMOND (LABOR): $1,107,902 median price, 12.4 times income in northern NSW
6. WATSON (LABOR): $1,101,110 median price, 12.2 times income in Sydney’s south-west
7. CHISHOLM (LABOR): $1,382,854 median price, 11.8 times income in Melbourne’s east
8. GRAYNDLER (LABOR): $1,584,213 median price, 11.8 times income in Sydney’s inner-west
9. MCPHERSON (LIBERAL): $1,221,147 median price, 11.7 times income on Queensland’s Gold Coast
10. HINDMARSH (LABOR): $908,896 median price, 11.6 times income in Adelaide’s west
11. COOK (LIBERAL): $1,574,549 median price, 11.5 times income in Sydney’s south
12. WENTWORTH (TEAL): $1,736,467 median price, 11.4 times income in Sydney’s east
13. BEROWRA (LIBERAL): $1,757,500 median price, 11.4 times income in Sydney’s north-west
14. BLAXLAND (LABOR): $1,120,137 median price, 11.4 times income in Sydney’s south-west
15. WARRINGAH (TEAL): $1,811,721 median price, 11.1 times income on Sydney’s northern beaches and lower north shore
16. MITCHELL (LIBERAL): $1,786,946 median price, 11.1 times income in Sydney’s north-west
17. CUNNINGHAM (LABOR): $1,006,328 median price, 10.9 times income in Wollongong
18. FAIRFAX (LIBERAL): $1,068,327 median price, 10.9 times income on Queensland’s Sunshine Coast
19. GILMORE (LABOR): $874,882 median price, 10.8 times income on the NSW South Coast
20. FISHER (LIBERAL): $1,019,235 median price, 10.8 times income on Queensland’s Sunshine Coast