Why this photo of a house has angered many

PHOTO: Sydney Duplex. PPD Real Estate

Sydney House Sale Stirs Public Outrage

A recently-sold Sydney semi-detached house with no car space has ignited public anger, highlighting the growing housing affordability crisis in Australia. The sale of this three-bedroom home in Queens Park for $3.45 million in May has drawn attention and criticism from various quarters, as it remains beyond the reach of even the top one percent of income earners.

A Price Out of Reach for Top Earners

Despite the significant price tag, this property is considered a bargain in Sydney’s eastern suburbs, where the median house price is $4.17 million. Even the top one percent of income earners in Australia, who make at least $421,936 annually, would struggle to afford this home. This situation has underscored the severe housing affordability issues in the city.

Real estate agent accuses boss and colleagues sexual harassment

Social Media Reactions

The sale of the Queens Park house has sparked a wave of reactions on social media. A photo of the house was shared on X, where the new owners were sarcastically congratulated for their purchase. One post read, “Congratulations to the young couple with three kids on a combined pre-tax income of $600k a year who have worked their a***s off the last 10 years to save for a 10 percent deposit on this entry-level half-a-house home without a parking spot and single bathroom.”

The house would be considered a bargain in this part of Sydney’s eastern suburbs where the median house price is $4.17million, despite being two suburbs back from the beach

Public Outrage and Despair

Social media users expressed their disheartenment and questioned their chances of entering the property market. Comments ranged from disbelief at the combined income required to afford such a home to skepticism about it being a first-time purchase. One user noted, “I don’t know any couple with a combined income of $600k. They’ll be just fine,” while another added, “I’m willing to bet it’s not their first home. People spending millions are usually climbing the property ladder.”

Historical Context of Property Prices

The property’s sale history further illustrates the dramatic rise in Sydney’s real estate prices. The house previously sold for $2.31 million in 2017 and $315,000 in 1994. The latest price is 35 times the average full-time salary of $98,218, compared to seven years ago when it was 28 times the average salary of $81,531. Three decades ago, the cost was 9.8 times the average salary of $32,240, making it more affordable for the typical worker then than a median-priced house in western Sydney is now.

Housing Affordability Crisis

The sharp increase in property prices has made homeownership increasingly difficult for many Australians. A $1.4 million house in Sydney now costs 14.6 times the average full-time salary of $98,218. Very few professionals, including high earners like brain surgeons with salaries of $593,221, can afford such a house with a 20 percent deposit.

The sale of this Queens Park home has become a stark symbol of Sydney’s housing market challenges, prompting calls for action to address the growing disparity between income levels and property prices.