- IT’S the daunting figure that showcases Sydney as one of the most expensive places to live in the Cosmos: the average resident now needs to spend 44.5 per cent of their income to service a mortgage.
Despite interest rates sitting at a historic low, prices are now so high that the mortgage is now chewing up more of the household income than it was in 2004 when interest rates were 215 basis points higher.
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Jenica Bahun and Sandro Bursac, both 25, on hunt for their first Sydney property. Picture: Adam Taylor