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DESPITE what many buyers may believe, new studies show Australian homes continue to be as affordable since 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 at a decade ago.
“During the last decade disposable income per household has risen around 70 percent as you move the
average home price has lifted around 67 percent,’’ he said.
“Home prices could possibly be up, but so can be disposable incomes,’’ he explained.
Mr James said Australians had become richer after a while and the last decade, incomes had grown slightly faster than home prices.
“But broadly over the decade little has changed with regard to home affordability - it's got gone
sideways,’’ he was quoted saying.
He was quoted saying certainly people spent on homes coupled with bigger and better homes than they did about ten years ago, to make sure they thought housing was less affordable.
But he was quoted saying whenever you looked at it from the purely financial ratio, things hadn't changed much.
“Certainly homes are less affordable than 19 years ago, but that's not because income growth may be sluggish, but because wealthier Australians, using lower rates, and benefiting
from less expensive basic necessities like food, clothing and transport, have channelled extra dollars in the house.
“Homes are bigger as well as higher quality than 19 years ago.’’
Mr James said the modern figures from 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.
“Over the past 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 during the last decade, the average income per household has risen by 70.6 per-cent, outpacing a 66.7 percent lift in home prices.’’
According to RP Data, lots of Australia’s lowest priced suburbs come in South Australia, Queensland or Tasmania.
It found Elizabeth Vale, in Adelaide was Australia’s lowest priced capital city suburb.
The northern Adelaide suburb features a median property worth 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 air conditioning. Picture: realestate.com.au Source: Supplied
Nearby Elizabeth North was the other most economical suburb having a median property valuation on $159,438. The suburb was established from the South Australian Housing Rely upon 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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