Sydney and Melbourne’s housing markets are becoming even more expensive, as income spent on mortgage repayments soars to a near decade high, rating agency Moody’s has found.
Record-low interest rates have assisted with offsetting the increase in property prices across most of the country outside of Sydney and Melbourne , reports The Australian.
The rating agency measures the average share of income needed to make monthly mortgage repayments.  
Moody’s found that an average of 27% of an Australian household’s income is required to make home loan repayments, which is the same figure for 2014. But homeowners need a whopping 35.1% of their income to afford a space in Sydney, up from last year’s 32.8%.
The figure is also higher than the 10-year average for the city.
Melbourne homes, meanwhile, also require a higher portion of a household’s income this year. From last year’s 27.5%, the money needed to be spent on average by a single household is now 28.2%. 

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now