Income needed to buy Queensland home surges eight times faster than wage growth

Queenslanders need a $30,000-plus pay rise this year just to keep pace with the property market, with new data revealing the income required to buy a home is rising about eight times faster than wage growth. While the average full-time worker’s salary increased by about $3,600 in FY2025–26, analysis of the income threshold for banks to approve a standard house loan surged by an average of $30,258 in the same period. It means homebuyers would need to work an extra 11 hours every week at the average hourly rate just to cover the 12-month jump in required borrowing power following this month’s interest rate hike. Canstar’s research shows the statewide income to satisfy lenders has surged to $177,554, leaving a $73,840 shortfall against Queensland’s typical $103,714 full-time wage (Australian Bureau of Statistics). A 20 per cent deposit and 3 per cent serviceability buffer were factored in, matching the Reserve Bank of Australia (RBA) average new loan rate of 6.49 per cent, compared to 5.50 per cent rate in 2025. Canstar group manager of research Josh Sale said the numbers proved higher interest rates had battered affordability. “Buying property has shifted from being a question of hou...