Another interesting read:
http://www.smartcompany.com.au/Free-Articles/The-Briefing/20090119-Housing-affordability.html
Excerpt:
Revealed: Australia’s most affordable and unaffordable places to live
Monday, 19 January 2009
Patrick Stafford
"The Gold Coast, Sydney and the Sunshine Coast are Australia’s most unaffordable housing markets, while the Latrobe Valley and Mildura are the most affordable, according to a new survey.
The research from the Residential Developer’s Council and RPData used data on median house prices, income levels and mortgages to determine what percentage of income that residents used to service their mortgage.
The most unaffordable market was the Gold Coast, with properties demanding an average repayment of 93% of income. Sydney followed closely behind, with average repayments worth 82%.
But the study also shows that regional areas are now becoming more affordable, with house and unit buyers requiring as little as 24% of income for mortgage repayments.
Victoria’s Latrobe Valley has taken the top spot as most affordable housing market, requiring an average 29% of income for repayments. Mildura and Dubbo took second and third places, with repayments requiring 35% and 38% respectively....."
....and from Heraldsun, Holly Ife
January 20, 2009
Victoria is real good value beyond the 'burbs
http://www.news.com.au/heraldsun/story/0,21985,24935303-2862,00.html
Excerpt:
"VICTORIA has some of the best-value housing in Australia - as long as you don't mind living outside Melbourne.
New figures released yesterday by the Residential Development Council and RP Data show five regional Victorian centres are among the top 10 most affordable areas in Australia.
The Latrobe Valley - including the towns of Morwell, Traralgon and Moe - tops the list, with Mildura, Ballarat, Bendigo and Shepparton also in the top 10 cheapest places to buy a house.
The research compared the average household income for each state with the median house price for different regions, and calculated the percentage of income that would be spent on mortgage repayments.
It named the Gold Coast, Sydney, Sunshine Coast, Perth, Ballina, Brisbane, Adelaide, Melbourne, Mandurah and Mackay as the least affordable markets.
The data showed 93 per cent of the average Queensland household income would be needed to meet a mortgage repayment on a median-price Gold Coast property.
Caryn Kakas, executive director of the Residential Development Council, said even the most affordable properties were putting families under stress.
"The general rule of thumb is spending anything above 30 per cent of your income on mortgage repayments or rent is classified as housing stress," Ms Kakas said.
Every one of the top 10 urban centres on the most affordable list, with the exception of the Latrobe Valley, required more than 30 per cent of the average household income to meet repayments.
It was a different situation in the rental market, with the Latrobe Valley, Ballarat, Mildura, Great Taree (NSW) and Dubbo (NSW) named as the cheapest places to rent a house - all requiring less than than 22 per cent of the average household income in rent. Sydney, the Gold Coast, the Sunshine Coast, Mackay and Brisbane were the least affordable."
http://www.smartcompany.com.au/Free-Articles/The-Briefing/20090119-Housing-affordability.html
Excerpt:
Revealed: Australia’s most affordable and unaffordable places to live
Monday, 19 January 2009
Patrick Stafford
"The Gold Coast, Sydney and the Sunshine Coast are Australia’s most unaffordable housing markets, while the Latrobe Valley and Mildura are the most affordable, according to a new survey.
The research from the Residential Developer’s Council and RPData used data on median house prices, income levels and mortgages to determine what percentage of income that residents used to service their mortgage.
The most unaffordable market was the Gold Coast, with properties demanding an average repayment of 93% of income. Sydney followed closely behind, with average repayments worth 82%.
But the study also shows that regional areas are now becoming more affordable, with house and unit buyers requiring as little as 24% of income for mortgage repayments.
Victoria’s Latrobe Valley has taken the top spot as most affordable housing market, requiring an average 29% of income for repayments. Mildura and Dubbo took second and third places, with repayments requiring 35% and 38% respectively....."
....and from Heraldsun, Holly Ife
January 20, 2009
Victoria is real good value beyond the 'burbs
http://www.news.com.au/heraldsun/story/0,21985,24935303-2862,00.html
Excerpt:
"VICTORIA has some of the best-value housing in Australia - as long as you don't mind living outside Melbourne.
New figures released yesterday by the Residential Development Council and RP Data show five regional Victorian centres are among the top 10 most affordable areas in Australia.
The Latrobe Valley - including the towns of Morwell, Traralgon and Moe - tops the list, with Mildura, Ballarat, Bendigo and Shepparton also in the top 10 cheapest places to buy a house.
The research compared the average household income for each state with the median house price for different regions, and calculated the percentage of income that would be spent on mortgage repayments.
It named the Gold Coast, Sydney, Sunshine Coast, Perth, Ballina, Brisbane, Adelaide, Melbourne, Mandurah and Mackay as the least affordable markets.
The data showed 93 per cent of the average Queensland household income would be needed to meet a mortgage repayment on a median-price Gold Coast property.
Caryn Kakas, executive director of the Residential Development Council, said even the most affordable properties were putting families under stress.
"The general rule of thumb is spending anything above 30 per cent of your income on mortgage repayments or rent is classified as housing stress," Ms Kakas said.
Every one of the top 10 urban centres on the most affordable list, with the exception of the Latrobe Valley, required more than 30 per cent of the average household income to meet repayments.
It was a different situation in the rental market, with the Latrobe Valley, Ballarat, Mildura, Great Taree (NSW) and Dubbo (NSW) named as the cheapest places to rent a house - all requiring less than than 22 per cent of the average household income in rent. Sydney, the Gold Coast, the Sunshine Coast, Mackay and Brisbane were the least affordable."
and neither are the Mcmansion people impressed with a humble home. I think society's norms have evolved away fromthe old norms in two different directions.
