The survey found that the median price-to-earnings ratio for an Australian home is 9.1 times, well above the globally recognised 'affordable' level.

Experts say home ownership has become out of reach for ordinary Australians and are calling on the government to adopt effective policies to address the affordability crisis and inequality gap.

According to the latest housing survey, Australians now need to earn more than $300,000 a year to afford their own home.

The survey, conducted by Suburbtrends, analysed more than 22,000 property sales in October this year and found that the median house price is nine times higher than the average Australian's annual income.

Using the internationally recognised 'median multiple' to rate affordability, which is the median market house price divided by the median gross household income, 3.0 times is considered 'affordable' globally.

However, the survey found that the median price-to-earnings ratio for Australian homes is 9.1 times, meaning Australians would need to earn more than A$300,000 a year to afford their own home.

Suburbtrends chief analyst and founder Kent Lardner noted that the study emphasises how out of reach owning your own home has become for the average Australian.

If your parents can finance you, that's great," he says. But if not so lucky, then your hopes of being able to easily afford a home will become increasingly remote."

He also mentioned that after entering the rental market, Australians will need to spend 30 per cent or more of their household income on rent, which makes it even more difficult to save up for the down payment needed to purchase a home.

According to the study, the median annual income required to purchase a home in Sydney's Northern Beaches area is as high as A$600,000, compared to A$283,000 in the western part of the city and the Blue Mountains.

In Melbourne, the median annual income is A$429,000 in the eastern part of the city, $243,000 in Geelong and $274,000 on the Mornington Peninsula. Affordability is slightly lower in Brisbane, with median annual incomes of $330,000 in the city's south and $283,000 on the Gold Coast.

Faced with this reality, Ladner urged the government to adopt effective policy solutions to address the affordability crisis and widening inequality gap.

He argues that only through the development of sensible housing policies, such as providing financial support, building more affordable housing and reforming the rental market, can ordinary Australians be helped to realise their dream of owning their own home.

The current housing market situation shows that Australian residents are facing enormous financial pressure and burden. The Government therefore needs to step up its efforts and take proactive measures to ensure that the housing market is fair and affordable so that more people can realise the aspiration of owning their own home.