RESIDENTIAL PROPERTY
HIGH mortgage rates and soaring prices has driven housing affordability to its worst level on record, as Australians work overtime, take on second jobs, and even skip on...
PropTrack’s new Housing Affordability Report showed that housing affordability deteriorated over the past year, and that a median-income household earning around...
Low-income households have effectively been locked out of the market. A household earning $50,000 per year is able to afford just 3% of homes...
The outcome is that people who can buy either already have existing housing equity, so people who are upgrading and are benefiting from this home price growth we’ve seen...
Within just a generation, we’ve gone from a period in the late 1990s where a typical household could afford to buy just with income half of all homes across the country, and the fact...
An average income household would need to save 20% of their income for more than five and a half years to save a 20% deposit on a median-priced home. NSW remains the state with...
Affordability is worst in NSW, where a median income household can afford just 10% of homes sold in the states, and mortgage costs are at a nation-high. Tasmania and Victoria follow...
A median-income renting household could afford just 11% of homes sold over the past year. In comparison, a median household with a mortgage could afford 34% of...
Mortgage costs are as high as seen in 2008 and only just below the historical peaks reached in 1989-1990. An average income household would need to spend a third of their income on...
Home buyers are making significant efforts to save for a 20% deposit. Nearly a third (31%) of home buyers have taken on overtime work, and almost a quarter (23%) have...
“Hopeful” for housing affordability improvement
“I think we’re hopeful that affordability will get a big bounce from lower mortgage rates,” Ryan told Australian Property Journal...
That will make a big difference to how many households on different income levels can afford. We’re not going to get back to the situation three years ago, when a median income...
In the long run, hopefully we see more action towards arresting that decline in affordability and tipping it the other way with more housing. Government policies such as...
Ryan said the positives from overseas examples are that “changes can occur quicker than people expect”. He pointed to the Auckland upzoning 2016 that reduced restrictions on...