tinusv
XPdite Hero
AUSTRALIA is experiencing a housing affordability crisis unprecedented in recent times and far worse than that facing other leading Western countries.
Sydney, Perth and Hobart are included in the 25 most unaffordable housing markets among 159 urban areas in Australia, the US, New Zealand, Britain, Canada and Ireland.
The Demographia international housing affordability survey concludes that Australia's house price boom of the early part of this century has created the "most pervasive housing affordability crisis" of all these nations.
It finds that Australians pay, on average, 6.6 times their annual household income to purchase their homes.
New Zealand fares only slightly better, with a price-income ratio of 6, followed by Ireland on 5.7 and Britain on 5.5.
A rating above 5.1 is regarded as "severely unaffordable".
In Canada, housing is half as expensive, relative to incomes, as in Australia, while the US, despite having 14 of the 25 least affordable markets, is generally far more affordable than Australia, with a rating of 3.7.
"The least affordable housing, overall, is in Australia, where seven of eight markets have medium multiples of 6 or above and all markets are rated severely unaffordable or seriously unaffordable," the reports says.
Sydney is ranked the seventh-most unaffordable housing market, behind Los Angeles, San Diego, Honolulu, San Francisco, Ventura County and Stockton, all in the US. Perth, where the commodities boom has fuelled property prices, is ranked 11th.
Hobart is a surprise listing as the 20th least-affordable housing market. While it is listed as having the second-lowest average house price - $290,000, behind Adelaide's $285,000 - its medium household income is the lowest, at $41,500.
House prices have doubled in parts of Hobart in the past decade, fuelled by interstate investors squeezed out of pricier markets in mainland states.
However, prices are still low compared with mainland cities, having come off an extraordinarily low base, and the city remains an attractive option for investors, particularly those on salaries higher than the local average.
A separate report by Macquarie Research this week named Hobart as the most affordable Australian city in which to buy new and established homes, with the average mortgage taking up 22.3 per cent of income, compared with 36.3 per cent in Perth.
The Macquarie report found Perth had overtaken Sydney as the least affordable Australian city for first-home buyers.
While Demographia shows Perth as still marginally more affordable than Sydney - with house prices eight times the median household income, compared with 8.5 - its report also concludes that Perth's housing market has undergone a change unparalleled outside the US.
"The cost, including mortgage interest, of the median-priced house in Perth has risen more than $575,000 compared to 1996," the report says. "This is equal to 11 years of gross income for the median household.
"Perth is the only market outside the US in which the loss in gross income has exceeded the 10 years over this period."
The report warns that the dive in home affordability will cut household spending, damaging employment and slowing economic growth.
It also says many families will have to make do with more modest dwellings than "they or their parents could have afforded just 10 years before", and that others would be forced into renting.
Bron: The Australian
Op dit moment een hot topic hier down under. Ik hoop ook ten zeerste dat wij voorlopig in onze huurwoning kunnen blijven. Door de krapte op de huizenmarkt is het hier (Brisbane) ook moeilijk om betaalbare (lees van onze studenten scholarship) huurwoningen te vinden. Zeker dicht bij de centra van de steden betaal je tegenwoordig absurde bedragen.
Sydney, Perth and Hobart are included in the 25 most unaffordable housing markets among 159 urban areas in Australia, the US, New Zealand, Britain, Canada and Ireland.
The Demographia international housing affordability survey concludes that Australia's house price boom of the early part of this century has created the "most pervasive housing affordability crisis" of all these nations.
It finds that Australians pay, on average, 6.6 times their annual household income to purchase their homes.
New Zealand fares only slightly better, with a price-income ratio of 6, followed by Ireland on 5.7 and Britain on 5.5.
A rating above 5.1 is regarded as "severely unaffordable".
In Canada, housing is half as expensive, relative to incomes, as in Australia, while the US, despite having 14 of the 25 least affordable markets, is generally far more affordable than Australia, with a rating of 3.7.
"The least affordable housing, overall, is in Australia, where seven of eight markets have medium multiples of 6 or above and all markets are rated severely unaffordable or seriously unaffordable," the reports says.
Sydney is ranked the seventh-most unaffordable housing market, behind Los Angeles, San Diego, Honolulu, San Francisco, Ventura County and Stockton, all in the US. Perth, where the commodities boom has fuelled property prices, is ranked 11th.
Hobart is a surprise listing as the 20th least-affordable housing market. While it is listed as having the second-lowest average house price - $290,000, behind Adelaide's $285,000 - its medium household income is the lowest, at $41,500.
House prices have doubled in parts of Hobart in the past decade, fuelled by interstate investors squeezed out of pricier markets in mainland states.
However, prices are still low compared with mainland cities, having come off an extraordinarily low base, and the city remains an attractive option for investors, particularly those on salaries higher than the local average.
A separate report by Macquarie Research this week named Hobart as the most affordable Australian city in which to buy new and established homes, with the average mortgage taking up 22.3 per cent of income, compared with 36.3 per cent in Perth.
The Macquarie report found Perth had overtaken Sydney as the least affordable Australian city for first-home buyers.
While Demographia shows Perth as still marginally more affordable than Sydney - with house prices eight times the median household income, compared with 8.5 - its report also concludes that Perth's housing market has undergone a change unparalleled outside the US.
"The cost, including mortgage interest, of the median-priced house in Perth has risen more than $575,000 compared to 1996," the report says. "This is equal to 11 years of gross income for the median household.
"Perth is the only market outside the US in which the loss in gross income has exceeded the 10 years over this period."
The report warns that the dive in home affordability will cut household spending, damaging employment and slowing economic growth.
It also says many families will have to make do with more modest dwellings than "they or their parents could have afforded just 10 years before", and that others would be forced into renting.
Bron: The Australian
Op dit moment een hot topic hier down under. Ik hoop ook ten zeerste dat wij voorlopig in onze huurwoning kunnen blijven. Door de krapte op de huizenmarkt is het hier (Brisbane) ook moeilijk om betaalbare (lees van onze studenten scholarship) huurwoningen te vinden. Zeker dicht bij de centra van de steden betaal je tegenwoordig absurde bedragen.
