Queenslanders need to earn around $100,000 more a year to afford a typical home than before the pandemic boom, according to startling new analysis.
The staggering pay rise places Brisbane just behind Sydney in terms of the extra income required per household since Covid-19.
Canstar’s analysis shows the minimum annual household income necessary to avoid mortgage stress when purchasing at the median unit or house price.
An income of $171,862 was needed for a median-priced house in Greater Brisbane in May 2025, compared to $72,628 in March 2020 — a $99,234 increase.
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A three-bedroom unit on Logan Rd, Stones Corner sold for $920,000
For units, $120,490 was required today, up from $52,164 pre-pandemic.
Australian Bureau of Statistics figures put median weekly earnings in Queensland at $1,350 in August 2024, or $70,200 a year — about $140,400 per household.
The wage increase was only greater in Sydney, where households now need a massive $272,737, up $145,671 from 2020.
At a suburb level, Canstar’s research revealed nearly 50 Queensland locations where the difference in household income had ballooned by $200,000 or more.
Coastal and inner-city hotspots led, with buyers in Surfers Paradise needing a whopping $481,122 more per household.
Minyama, Sunshine Coast would require an income boost of $481,122, and $310,417 to buy in New Farm, Brisbane.
Canstar Data Insights director Sally Tindall
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Canstar director of research Sally Tindall said the “astonishing” spike in income required to enter the market risked “shutting people out”.
“It creates this divide between those already in the market and those who are struggling to land a foot on the property ladder,” Ms Tindall said.
“Fundamentally, the issue facing first-home buyers across the country is that prices are too high and their wages can’t keep up.”
Insufficient housing supply and the equity available to upgraders were key factors behind rising prices.
“It’s not an even playing field,” she said.
“Very few people have had the kind of pay rises needed to keep pace with the market. For most people, the only way they’ve kept up is because they already own property.”
Buyers agent Melinda Jennison. Photo: Supplied
Melinda Jennison, of Streamline Property Buyers, said strict lending criteria was compounding affordability challenges for first-home buyers.
“Rapid price growth across Brisbane, and many regional areas across Queensland, has pushed entry-level homes out of reach for many first-home buyers,” Ms Jennison said.
“Strict lending criteria [is] making it harder to qualify for loans due to the 3 per cent serviceability buffers that are in place, despite the fact that interest rates have declined in recent months.
“On top of this, limited housing supply and strong interstate migration continues to place pressure on the lower end of the market.”
A four-bedroom house in Ormiston was snapped up for $1.23m
PropTrack’s latest Home Price Index shows Brisbane’s median house price rose to $998,000 in May.
The city’s median dwelling price for houses and units combined rose 8.38 per cent annually to $889,000, with unit growth outpacing houses (11.42pc vs. 7.8pc).
Ray White chief economist Nerida Conisbee said the housing market had “exceeded all expectations”, with prices surging again since the start of 2025.
“The momentum that began with January’s recovery has intensified significantly following the Reserve Bank’s second interest rate cut in April, with two additional cuts anticipated before year’s end,” Ms Conisbee said.
She said house prices could be expected to remain high as new supply fell short of target, though rising unemployment could temper growth.
Ray White Group chief economist Nerida Conisbee. Picture: Supplied
Herron Todd White director David Notley said Brisbane had lost its status as the more affordable of the nation’s three biggest cities.
“While Sydney prices are still an eye-watering option, our median has most definitely surpassed Melbourne,” Mr Notley said.
“I think it would make our forbears’ heads spin. Not too long ago, $1m was considered a deep-pocket buy, but no longer.”
He said properties still at that price point in the inner-city suburbs were either in need of repair, or in an undesirable location.
This house in Alderley sold for $3.51m
Ms Jennison said more families were exploring “bank of mum and dad” strategies, such as parents acting as guarantors to help children into home ownership sooner.
“It’s a powerful strategy, especially when rising prices are outpacing savings, but it does come with financial risk, so it’s important for families to get sound legal and financial advice before going down that path,” she said, also noting government incentives to reduce costs for first-home buyers.
A five-bedroom house in Baringa sold for $1.351m
While these approaches helped overcome the deposit hurdle, first-home buyers faced stiff competition.
“Quality properties priced under the $700,000 threshold, where first-home buyer incentives apply, are attracting multiple offers, often within days of hitting the market,” Ms Jennison said.
This Clayfield townhouse sold for $1.14m
“In many cases, we’re seeing first-home buyers competing not only with each other, but also with investors and downsizers, which puts additional pressure on this price bracket.
“The challenge is twofold: limited supply and very strong demand.”
In addition to exploring available incentives and stamp duty concessions, being finance-ready by knowing your borrowing capacity and having pre-approval for a home loan in place were strategies to gain an edge in a fast-moving market, Ms Jennison said.
Canstar’s analysis assumed a 20 per cent deposit on a 30-year loan term, with mortgage stress defined as loan payments exceeding 33 per cent of household pre-tax income.
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