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DESPITE what many buyers might think, new research has shown Australian homes remain as affordable because they were about 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.
“Within the last decade disposable income per household has risen around 70 percent as the
average home price has lifted around 67 per-cent,’’ he was quoted saying.
“Home values could be up, but so are disposable incomes,’’ he said.
Mr James said Australians had become richer over time and in yesteryear decade, incomes had grown slightly faster than home values.
“But broadly within the decade little has changed when it comes to home affordability - it's got gone
sideways,’’ he said.
He said certainly people spent more about homes together 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 when you viewed it from a purely financial ratio, things had not changed much.
“Certainly homes are less affordable than 20 years ago, but that is not because income growth may be sluggish, but because wealthier Australians, using lower rates, and benefiting
from less costly basic necessities like food, clothing and transport, have channelled extra dollars into your house.
“Homes are bigger as well as good quality than two decades ago.’’
Mr James said the most recent figures in the 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.
“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 within the last few decade, the typical income per household has risen by 70.6 per cent, outpacing a 66.7 percent lift in home prices.’’
In line with RP Data, many of Australia’s lowest priced suburbs are usually in South Australia, Queensland or Tasmania.
It found Elizabeth Vale, in Adelaide was Australia’s least expensive capital city suburb.
The northern Adelaide suburb has a median property importance 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 hvac. Picture: realestate.com.au Source: Supplied
Nearby Elizabeth North was the next most affordable suburb using 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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