Melbourne overtakes Sydney as least affordable city

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Melbourne has overtaken Sydney for the first time to become Australia’s least affordable capital city to buy a home. A modest cooling in dwelling prices helped make Australia’s housing slightly more within the means of the average household  budgets during the September 2010 quarter, according to the Housing Industry Association. Even so, buying a home is still far less affordable than it was 12 months ago.

Rising borrowing costs and higher home prices have bumped Melbourne beyond Sydney on the HIA-Commonwealth Bank Housing Affordabliity Index. HIA economist Harley Dale said a combination of growth in Melbourne home prices and lower average income of the city’s workers compared to those in Sydney saw Melbourne overtake the national mantel as the least affordable capital city.

The three reports above identify suburbs with good public amenities such as schools, universities and hospitals, a history of solid growth performance and most importantly good public transport links into Melbourne’s CBD. Melbourne has been the stellar property market among all capital cities in Australia over the last 18 months and suburbs which did not experience at the very least a 10% growth in home values during this time are those which do not have the credentials for strong investment propositions. These reports provide key investment propositions for each suburb, important Google map links to councils, schools, hospitals, businesses, median prices, rental yields and capital growth rates.

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