Buying a house is one of the most expensive purchases most of us will ever make and it can be especially hard if you are buying alone. Here at Victory, we wanted to crunch the numbers and find out which locations in Australia are the most and least affordable for single buyers.
The team looked at monthly mortgage repayments and calculated the cost of utilities and groceries which gave us average outgoings. This figure was then subtracted from the average salaries in 29 locations to determine how much money a single homeowner would be left with every month.
The most affordable location is Rockhampton where on average a single buyer has $6,801.38 remaining after mortgage repayments, groceries and utility costs have been deducted from their monthly salary.
In contrast, the most expensive location to buy alone is Bundaberg, where single buyers are left with $1,095.85 every month after outgoings. That is a difference of $5,705.53 compared with Rockhampton!
Interestingly, both the most and the least affordable locations are in Queensland and in all 29 places we looked at single buyers were left with more than $1,000.00. The full data breakdown is below: