Housing Affordability A Struggle For Aussies
Buyers and renters alike have more pain ahead according to the REIA.
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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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This home has all the conveniences of modern living set in a dramatic landscape
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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
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