Housing Affordability A Struggle For Aussies
Buyers and renters alike have more pain ahead according to the REIA.
Buyers and renters alike have more pain ahead according to the REIA.
The proportion of income required to make loan repayments increased 0.2% points to 37.3% over the March quarter, while the proportion required to meet median rent jumped 0.5% to 23.5% according to the Real Estate Institute of Australia.
REIA President Hayden Groves said housing affordability nationally has become increasingly unaffordable, pressure eased in some locations.
“Housing affordability improved in New South Wales and the Northern Territory, remained stable in the Australian Capital Territory but declined in all other states,” Mr Groves said.
“Rental affordability declined in all states and territories except the Northern Territory.
“Tasmania remains the most unaffordable state to rent with income to rent needed sitting at a huge 30.8 per cent.”
Despite this, the number of first home buyers has decreased to 29,093 a drop of 22.5% in the quarter and a fall of 33.9% over the past 12 months.
“First home buyers now make up 31.6 per cent of owner-occupier dwelling commitments, a decrease of 2.7 percentage points over the quarter and 8.7 percentage points over the year,” he said.
“The number of first home buyers fell over the March quarter in all states and territories.
“Declines ranged from 10.5 per cent in Western Australia to 40.2 per cent in the Northern Territory.”
According to Mr Groves, the average loan size for first home buyers increased by 0.9% over the quarter and 11.7% in the past year to $474,54.
The total number of loans for owner-occupied dwellings decreased in all states and territories over the March quarter, ranging from 8.2 per cent in Western Australia to 21.3 per cent in New South Wales.
With house prices rising so sharply, the average loan size rose to $603,395 in the March quarter, an increase of 2.1 per cent over the quarter and an increase of 19.2 per cent over the past 12 months, making it the largest annual increase since the current ABS series began in 2002.
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The harbourfront estate has views of the Sydney Opera House and can entertain up to 500 guests
A Sydney waterfront mansion that has just hit the market could set a countrywide price record as the first home to sell for A$200 million (US$129.77 million).
Located in the affluent suburb of Point Piper, the sprawling home sits on a lot that’s equivalent to “four normal housing blocks” and features 98 meters (321.5 feet) of water frontage along the harbor, according to an announcement on Wednesday from Ken Jacobs, director of Australia Pacific of Forbes Global Properties, who has the listing in association with real estate agent Brad Pillinger.
“The estate is Australia’s most iconic residence and ranks amongst the best in the world, combining both privacy and space, exuding elegance and comfort, while featuring gun-barrel views of the Sydney Opera House and the Harbour Bridge,” Jacobs said in a statement.
The residence is expected to sell for A$200 million or more, Pillinger added. “There is no comparable property in Australia.”
The home, named Wingadal, as it’s located on Wingadal Place, was built for Aussie Home Loans founder John Symond, who purchased the property in 1999. It took eight years to complete the mansion, which was designed by architect Alec Tzannes, according to the listing agency.
“Wingadal is a highlight of my career in residential design and architecture,” Tzannes said. “The timeless design on the Point Piper peninsula offers a unique appreciation of Sydney Harbour from a variety of angles, rotating around an axis that lines up perfectly with the Sydney Harbour Bridge.”
The colossal home has enough internal space to entertain up to 500 people, and underground parking provides space for 20 cars, plus eight more can fit inside the garage.
The four-level home has four bedrooms as well as a two-bedroom apartment. There’s also a 2,500-bottle wine cellar, a home theater that seats 22, two commercial kitchens and a swimming pool.
“Wingadal has been a special home for my family over the past two decades, and now I’m looking forward to spending more time traveling overseas,” Symond said in a statement. “While being an exceptional family home, we have also enjoyed hosting many important events for charities and other worthwhile causes.”
This is not the first time Symond has tried to sell his waterfront estate. In 2016, he listed the home in hopes of selling it for at least A$100 million, which would’ve been a price record for the country at that time Mansion Global reported . The current benchmark was set in 2022, when a baronial-style estate, also in Point Piper, sold for A$130 million, according to The Sydney Morning Herald .
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This stylish family home combines a classic palette and finishes with a flexible floorplan