RESIDENTIAL PROPERTY
IT now takes 40 years to own a house in Sydney and Melbourne, but home buyers in Sydney’s inner western suburb of Strathfield on a median income would spend 144 years to pay off an average mortgage...
Analysis by proptech platform HtAG Analytics has found that housing affordability has continued to decline...
NSW is the least affordable location for houses, taking 42 years to pay down based on median home prices and median family income levels...
Strathfield is the least affordable suburb in the country going by the “years to own” metric, followed by Gerroa (125 years to own) and...
The most affordable suburbs were found in Morowa in WA, at just 4.4 years, Kambalda East in WA (5.19 years) and Dysart in...
For units, Soldiers Point in NSW was the most unaffordable location in the country, requiring 82 years of payments to own a...
HtAG Analytics co-founder, Alex Fedoseev said the Sydney and Melbourne property markets have now reached an unaffordable level compared to...
Fedoseev said high house prices coupled with a prevalence of renters or exclusive locations with generational wealth are the two...
“In these markets, a significant portion of the population is engaged in renting units rather than owning a house,” he said...
“While the majority of household incomes in these suburbs may suffice for renting or owning a unit, they may not be adequate for...
“This leads to a property market that primarily supports rental properties in units and maintains high house prices.”...
The data follows Real Estate Institute of Australia figures showing mortgage holders were facing the worst housing affordability since...
This month’s 0.25% rate hike to 4.1% – its highest level since 2012 – would add $76 to monthly repayments on a $500,000 loan...
Fedoseev said the years-to-own figure in Strathfield has ballooned from 84 to 144 years within a span of three years, because of...
Fedoseev said he expects the most unaffordable suburbs to see slower growth than more affordable areas going forward.
“Suburbs with high ‘years to own’ values are likely to experience downward pressure on house prices, as locals may struggle to...
“However, there are other market variables that may still push the prices up even in low affordability markets...
“The key driving forces contributing to decreasing affordability in the housing market are suggesting that the situation may get worse before improving,” he said.