RBA finds 85 per cent of apartments and 93 per cent of homes beyond the reach of typical first time Sydney buyers

PHOTO: This is how far out typical Sydney first homebuyers have to move.

A typical Sydney first homebuyer can afford just one in every 10 properties in the city and must move an average of 31 kilometres from the central business district to buy a flat and 56 kilometres from the CBD to buy a detached home, a Reserve Bank study has found.

A new housing accessibility index developed by the bank shows the purchasing capacity of the “median potential first homebuyer” in Sydney last year was $474,000.

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