Getting on the property ladder has never been tougher, according to a new report which is sobering reading for thousands of would-be first-home buyers.

New figures from PropTrack show surging home prices through the pandemic and rapidly rising interest rates over the past year have brought housing affordability to its lowest level in at least three decades.

Highlighting an "alarming state of housing affordability", the report showed a household earning the median income can now afford just 13 per cent of homes sold across the country.

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This is the lowest share since PropTrack records began in 1995, and the company described it as "a substantial change" compared to the past few years.

Even high-income households, earning $200,000 a year, which is more than 80 per cent of Australians, are facing strained affordability, the report said.

These richer households can afford loan repayments on only about half of homes that were sold over the past year, based on current market conditions.

Are you affected? Are you a despairing would-be homeowner? Email Aussies are suffering from mortgage stress, with around 1.5 million mortgage holders now deemed "at risk".

The Reserve Bank is scheduled to make another rates decision tomorrow, the last for outgoing governor Philip Lowe.