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Housing affordability down in past 5 yrs

Affordability for Australian homes has fallen over the last five years.

Housing affordability for Australian property has diminished over the last five years, a new report has revealed.

Analysis of the Australian property sector by PRDnationwide has shown that back in 2006, the average weekly mortgage payment by property owners was AU$325, while median weekly earnings stood at AU$1,025.

Jump forward five years and the figures now show average mortgage payments cost AU$450 and earnings are AU$1,234.

As a result, there has been a 38.5 per cent rise in costs, but income has only increased by 20.4 per cent, meaning affordability has diminished.

"Households have more dollars to spend but the cost of accommodation is growing quicker than increases to income," commented PRDnationwide research director Aaron Maskrey.

Meanwhile, the Housing Industry Association recently praised a report from the Council of Australian Governments, which aimed to spark debate over affordability and how Australians can get a better deal on property in the future.

Posted by Steve Douglas

- prices, affordability, housing, property

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