Australian households on six-figure incomes can now only afford 13% of homes

A median-income household now needs to spend about one-third of its income on mortgage repayments to buy a median-priced home, according to a new PropTrack report. Photograph: Darren England/AAP

Rising interest rates and surging home prices have seen Australian housing affordability crash to its lowest levels in decades, according to a new report.

A household earning the median income of $105,000 can now only comfortably afford 13% of homes on the market, the lowest share since the relevant data was first collected in 1995, according to property data company PropTrack.