Australian Families Spend 36% Of Income On Mortgage
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Australian Families Spend 36% Of Income On Mortgage

Housing affordability continued to slide in the September quarter.

By Kanebridge News
Wed, Dec 8, 2021 1:58pmGrey Clock < 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%.



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Jennifer Lopez and Ben Affleck have officially put their massive Los Angeles mansion on the market for $68 million.

The lavish Beverly Hills property hit listing sites on Thursday, months after rumours began that the couple, who are reportedly estranged , were shopping the home around only a year after buying it for nearly $61 million.

The roughly 5-acre property—which is in a gated community and spans a massive 38,000 square feet—includes an indoor sports court with an adjacent gym and games room, according to the listing with Santiago Arana of the Agency. The firm declined to comment.

Lopez and Affleck paid $60.8 million for the compound in 2023.
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Built in 2000, the house has 12 bedrooms and a whopping 24 bathrooms. The resort-sized property has the amenities to match, including a V-shaped pool with views over the surrounding hills, a detached two-bedroom guardhouse and a 5,000-square-foot guest penthouse, according to the listing.

Listing images of the house show that Lopez and Affleck have spent the past year warming up what were fairly white-washed interiors when they purchased the home. There’s now a rich, green-painted dining room, hardwood floors and carpeted over cold, polished-stone flooring.

The couple, who got married in 2022 after reuniting some 20 years after they called off their engagement in the early 2000s, purchased the megamansion following a house hunt that went on for several months, The Wall Street Journal reported at the time.

Representatives for Lopez, 54, and Affleck, 51, did not immediately respond to requests for comment.

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