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DESPITE what many buyers may think, new research shows Australian homes continue to be as affordable as they were ten years ago.
Analysis by CommSec chief economist Craig James has revealed that home prices are about four times household disposable income.
He said this ratio was broadly unchanged from the decade ago.
“Within the last decade disposable income per household has risen around 70 per cent while the
average home price has lifted around 67 per-cent,’’ he said.
“Home prices might be up, but so might be disposable incomes,’’ he said.
Mr James said Australians had become richer with time as well as in yesteryear decade, incomes had grown slightly faster than home prices.
“But broadly within the decade little has changed with regards to home affordability - it offers gone
sideways,’’ he explained.
He explained certainly people spent on homes and had bigger and better homes than they did ten years ago, so they really thought housing was less affordable.
But he explained after you looked at it coming from a purely financial ratio, things had not changed much.
“Certainly homes are less affordable than two decades ago, but that is not because income growth have been sluggish, but because wealthier Australians, using lower mortgage rates, and benefiting
from less costly basic necessities like food, clothing and transport, have channelled extra dollars into your home.
“Homes are bigger as well as excellent quality than 20 years ago.’’
Mr James said the most up-to-date figures through 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.
“During the last year the median home price rose by 5.9 %, outpacing the 1.7 percent lift in income per household,’’ Mr James said
“But interestingly in the last decade, the standard income per household has risen by 70.6 per-cent, outpacing a 66.7 per cent lift in home prices.’’
As outlined by RP Data, the majority of Australia’s least expensive suburbs will be in South Australia, Queensland or Tasmania.
It found Elizabeth Vale, in Adelaide was Australia’s most economical capital city suburb.
The northern Adelaide suburb incorporates a median property price 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 air conditioning. Picture: realestate.com.au Source: Supplied
Nearby Elizabeth North was your second most affordable suburb which has a median property price of $159,438. The suburb was established by the South Australian Housing Rely upon 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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