House prices surge ahead of pay

The cost of buying a home has blown out to a record high.

In August it took 81.6 per cent of a median weekly income to pay the mortgage on a median-priced house.

That is more than twice the amount considered affordable, according to the latest Fairfax Media home loan affordability report.

That makes the median-priced house the least affordable in the five-year history of the report.

The median individual weekly take-home pay was $674.32, up $15.66 on August last year. But the median house price ballooned $40,000 to $350,000 in that time.

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