Where Affordable Properties Are
There are still plenty of places where prospective buyers can secure something where mortgage repayments won’t break the bank.
CoreLogic figures show there are 524 house markets, and 584 unit markets where, based on the median household income and average mortgage repayments, buyers are spending less than 30% of their household income on mortgages.
There are no house markets in Sydney were based on the medians and average incomes that repayments would be less than 30% of household earnings.
But in a continuing example of the affordability of Australia’s apartment market there are 73 Sydney-unit markets which met the criteria.
In Perth there are 60 house suburbs, Brisbane, 38, Melbourne, 17 and Adelaide, 12.
CoreLogic research director Tim Lawless says buyers need to look at the lower end of the market to secure something which will not consume more than 30% of the household budget. This often means buying a unit instead of a house, unless you are prepared to move well outside the CBD of some capital cities.
Sydney units in Wiley Park, Lakemba and Carramar are in the affordable category while in elbourne, house markets in the west and northwest, such as Melton and Melton South require less than 30% of the average income to service a mortgage.
In Brisbane buyers need to look well outside the CBD to areas such as Toogoolawah, Laidley and Riverview in Ipswich.
Adelaide’s northern suburbs have long been affordable with houses in areas such as Elizabeth North under $400,000. Medina in Perth’s southwest is its most affordable for buyers, with a median of $397,000.
