Sound Bites - Property Market Update, September 2018
We often hear that housing in Australia is unaffordable and expensive. But is this actually the case in all the states around the country?
The Real Estate Institute of Australia has recently come out with some data showing what percentage of household incomes are going towards mortgages in each state around the country. Interestingly, in New South Wales it is nearly nudging 40% of incomes going towards mortgages but places like Queensland are only sitting at 20%. So [00:00:30] what this effectively means is that property prices can double in Queensland before they’re at the same affordability or unaffordable levels as Sydney.
An area that we’ve been looking at in Brisbane is Norman Park. Norman Park is about 4km from the CBD, affordability levels are at 25% at the moment and so far this year Norman Park – while Sydney has been retracting 5% on average – Norman Park is going up a whopping 19% so far this year.
We’ve been looking at some custom-built houses with our clients around the million dollar mark that have been renting for $900 a week rent. So it shows you the value and the growth potential in these markets, if you do your research and look at affordability and also holistically the other key drivers that we look at here at Sound Property Group.
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This article is provided for general information only and does not constitute personal advice, as it does not take into consideration your personal circumstances. Please consult a licensed tax or financial advisor before making any decision to invest. Past performance is not a reliable indicator of future performance.