A new report from the National Centre for Social and Economic Modelling found that housing affordability problems are spreading all over Australia with some startling statistics where 47% of first home buyers are now spending over 30% of their income on housing repayments, up from 43% in 2000. This figure is expected to increase in the near future.
NATSEM principal research fellow Ben Phillips says Melbourne and Brisbane have been previously thought of as more affordable than Sydney but this has all but changed. “The main finding was that home buyer mortgage pressures in other parts of the country have caught up with Sydney. The figures show that in Mebourne, 53% of first home owners are now paying over 30% of their income towards housing repayments compared to just 36% in 2000. In Brisbane, that figure has jumped from 53% to 58%, well above the Sydney figure of 56%, which has remained the same.
In response to readership request and the mounting issue of affordability, we have updated our report – Top 5 Melbourne suburbs for houses under $700,000. This 23-page report identifies key investment propositions in five Melbourne suburbs which are within close proximity to the CBD and have good public transport links and amenities but have yet experience the surge in price compared to its neighbouring suburbs. It contains Google map links and hyperlinks to councils, schools, hospitals and emergency services. More importantly, key investment propositions for each suburb are analysed and discussed together with median prices, annual, three and five year growth and rental yields.