Australian Families Spend 36% Of Income On Mortgage
Housing affordability continued to slide in the September quarter.
< 1 min
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%.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
This home has all the conveniences of modern living set in a dramatic landscape
2 min
Plenty of people are looking to get away from it all. But most are reluctant to give up the conveniences and small luxuries of modern living.
This split-level property at 166 Westwood Street, Bridport on the north coast of Tasmania offers both, with direct access to a stunning coastline as well as easy living in a three-bedroom, Hamptons-style home. Just a 10-minute walk from Mermaids Beach in the Granite Point dress circle, the house on a 1206sqm site is a two-hour drive from Devonport and the Spirit of Tasmania terminal port.
Central to the floorplan is a generous, north facing open plan living space with raked ceilings and wraparound bay windows leading onto a sun-filled deck via sliding doors.
Entry is via a spacious reception area with integrated hall table and storage cupboard. A short hallway offers access to the master suite to the right and secondary bedrooms to the left, or through to the open plan living area to the rear.
The master suite includes a built-in robe and stylish, semi open ensuite. Sliding doors lead onto the split level deck, with a spa on the lower side to provide privacy.
The well-appointed kitchen includes a large butler’s pantry, as well as an island bench and bar area with finishes such as Carrara marble chosen to blend seamlessly into the lounge and dining area. A stone fireplace is the main focal point in this room, while ducted heating and aircon ensure that thermal comfort is maintained all year round.
At 334sqm, the house is large enough to provide room for family and friends when required, bt cosy enough for two, without spending unnecessary time on maintenance and cleaning.
With Barnbougle Dunes and Lost Farm golf courses just 10 minutes away, local wineries and mountain biking at nearby Derby, this is an ideal property for downsizers looking for a little luxury while still feeling connected to nature.
Address: 166 Westwood Street, Bridport
Inspection: By appointment
For sale: By Offer
Price guide: $2.3m t0 $3m
Agent: Andrew MacDonald, The Agency, 0409 368 151 andrewmacdonald@theagency.com.au
Australian lenders hope no-interest cards can arrest a decline in usage and attract younger customers.
