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DESPITE what many buyers may think, new studies show Australian homes remain as affordable while they were a decade ago.
Analysis by CommSec chief economist Craig James has says home prices are four times household disposable income.
He explained this ratio was broadly unchanged from your decade ago.
“During the last decade disposable income per household has risen around 70 per cent even though the
average home price has lifted around 67 %,’’ he explained.
“Home values might be up, but so can be disposable incomes,’’ he was quoted saying.
Mr James said Australians had become richer after some time plus the last decade, incomes had grown slightly faster than home prices.
“But broadly within the decade little has changed in terms of home affordability - it offers gone
sideways,’’ he explained.
He explained certainly people spent much more about homes together bigger and better homes than they did a decade ago, so that they thought housing was less affordable.
But he explained once you looked over it coming from a purely financial ratio, things had not changed much.
“Certainly homes are less affordable than 20 years ago, but that's not because income growth have been sluggish, but because wealthier Australians, using lower interest rates, and benefiting
from cheaper basic necessities like food, clothing and transport, have channelled extra dollars in the family house.
“Homes are bigger in addition to top quality than 20 years ago.’’
Mr James said the modern figures from your RP Data/Rismark Home value index showed the median price of a home across Australia, was $450,000.
The Australian Bureau of Statistics national accounts estimate of disposable income per household was $111,919.
“In the last year the median home price rose by 5.9 %, outpacing the 1.7 % 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 % lift in home prices.’’
Based on RP Data, a lot of Australia’s most affordable suburbs are usually in South Australia, Queensland or Tasmania.
It found Elizabeth Vale, in Adelaide was Australia’s lowest priced capital city suburb.
The northern Adelaide suburb incorporates a median property value 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 the other most affordable suburb having a median property valuation on $159,438. The suburb was established through 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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