Australian Families Spend 36% Of Income On Mortgage
Housing affordability continued to slide in the September quarter.
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The REIA’s Housing Affordability Report found that 36.2% of owner-occupiers’ income went to paying their mortgage — a 3.9% rise over the past year.
The national median weekly family income increased 1.2% in the three months to September to $2023. However, the average monthly loan repayment jumped 4% in the quarter $3177.
The total number of loans to both owner-occupiers and investors fell 7.2% during the same period to 107875, with the average loan increasing to $570,412.
This 4% increase on the previous quarter takes the annual increase to 17.4%.
REIA President Adrian Kelly said it was first home buyers impacted most.
“The number of first-home buyers decreased to 37,782, a fall of 12.6 per cent during the quarter and just a 1 per cent increase over the past 12 months,” said Mr Kelly.
“The number of first-home buyers decreased over the September quarter in all states and territories. South Australia had the largest decrease of 21.6 per cent and the ACT had the smallest decrease of 0.7 per cent.”
The report indicated the average loan to a first-home buyer in the September quarter jumped to $458,256 – 2% higher than the June quarter.
Rental affordability dropped only slightly in the September quarter. The proportion of income required to meet median rent rates rose to 22.9%.
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Former Google CEO Eric Schmidt is selling his Northern California estate, which was listed Monday for $24.5 million.
Located in Atherton, an extremely affluent town northwest of Palo Alto and about 30 miles south of San Francisco, the 3.36-acre property is made up of three parcels that Schmidt acquired over the years, according to public records and Compass, who has the listing.
Schmidt, 69, and his wife, businesswoman Wendy Schmidt, purchased the main home in 1990 for $2 million, according to public records accessed via PropertyShark. They remodelled the 1969 home in 2007, and at that time, bought a neighbouring parcel of land, allowing an expansion of the main house and the addition of a guest house, according to Compass, who holds the listing. A third parcel was later acquired, on which the Schmidts added an English garden house and landscaped grounds overlooking the Eastern Hills.
“Finding three contiguous parcels in Atherton is rare. Even rarer are those with views of the Eastern hills,” said listing agent Katharine Carroll of the reSolve Group at Compass. “The location of this residence is ultra private, at the back of a cul-de-sac with the main house built into a hillside that provides privacy and very good security.”
Across the estate, there are five bedrooms, five full bathrooms and six half bathrooms.
The 5,265-square-foot main house also offers a number of private outdoor spaces on its upper level, including a large terrace off the primary suite, another large terrace off a secondary bedroom, plus a third smaller terrace and two balconies.
Behind the main house is a patio with a pool and spa. For even more outdoor space, there’s an entertaining pavilion, an open lawn and an outdoor fireplace area near the guest quarters.
The grounds themselves are also a standout feature, with an array of mature plants and specimen trees. The upper portion of the property’s landscaping is designed around an Amdega-designed conservatory, which was imported from the U.K. Around the greenhouse, there is a garden of raised beds and fruit trees, Carroll said.
“From the moment you step onto the grounds, it feels as if you’ve been transported to a private botanical sanctuary,” she said.
Schmidt served as Google’s CEO from 2001 to 2011, and then became the company’s executive chairman until 2015. He could not be reached for comment.
This article first appeared on Mansion Global
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