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DESPITE what many buyers could imagine, new studies show Australian homes are nevertheless as affordable when they were ten years ago.
Analysis by CommSec chief economist Craig James has says home prices are four times household disposable income.
He was quoted saying this ratio was broadly unchanged from a decade ago.
“Over the past decade disposable income per household has risen around 70 per cent while
average home price has lifted around 67 per cent,’’ he was quoted saying.
“Home prices could be up, but so are disposable incomes,’’ he was quoted saying.
Mr James said Australians had become richer after some time along with days gone by decade, incomes had grown slightly faster than home values.
“But broadly over the decade little has changed with regards to home affordability - it offers gone
sideways,’’ he was quoted saying.
He said certainly people spent more about homes along bigger and better homes than they did about ten years ago, in order that they thought housing was less affordable.
But he said if you checked out it coming from a purely financial ratio, things had not changed much.
“Certainly homes are less affordable than twenty years ago, but that's not because income growth continues to be sluggish, but because wealthier Australians, using lower interest levels, and benefiting
from less expensive basic necessities like food, clothing and transport, have channelled extra dollars in the house.
“Homes are bigger in addition to high quality than 2 decades ago.’’
Mr James said the most recent figures in the RP Data/Rismark Home value index showed the median cost of a home across Australia, was $450,000.
The Australian Bureau of Statistics national accounts estimate of disposable income per household was $111,919.
“Within the last year the median home price rose by 5.9 %, outpacing the 1.7 per cent lift in income per household,’’ Mr James said
“But interestingly in the last decade, the common income per household has risen by 70.6 per cent, outpacing a 66.7 per-cent lift home based prices.’’
According to RP Data, many of Australia’s most inexpensive suburbs have been in South Australia, Queensland or Tasmania.
It found Elizabeth Vale, in Adelaide was Australia’s most economical capital city suburb.
The northern Adelaide suburb has a median property price of $143,452.
Recent sales include, 21 Rollison Rd, Elizabeth Vale which sold for $195,000.
21Rollison Rd, Elizabeth Vale has four bedrooms and ducted cooling and heating. Picture: realestate.com.au Source: Supplied
Nearby Elizabeth North was your second least expensive suburb having a median property worth of $159,438. The suburb was established by the South Australian Housing Trust in 1955.
Recent sales include 11 Chirton St, Elizabeth North which sold for $142,500.
The timber-frame home at Chirton St, Elizabeth North has three bedrooms.Source: Supplied
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