Housing Affordability A Struggle For Aussies
Kanebridge News
Share Button

Housing Affordability A Struggle For Aussies

Buyers and renters alike have more pain ahead according to the REIA.

By Kanebridge News
Thu, Jun 9, 2022 11:33amGrey Clock 2 min

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.



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Property
In Mexico, a Moody Mountain Home With Major Altitude
By J.S. MARCUS 10/10/2024
Property
Australia experiencing the worst year for home building since 2011
By KANEBRIDGE NEWS 09/10/2024
Property
One of America’s Biggest Homes Hits the Market for $195 Million
By CANDACE TAYLOR 09/10/2024
In Mexico, a Moody Mountain Home With Major Altitude

The owners spent $73,000 on the land, plus another $475,000 building their vacation house

By J.S. MARCUS
Thu, Oct 10, 2024 4 min

Lorena Ramos and Carlos Moss live and work about 7,500 feet above sea level in the high-plateau megalopolis of Mexico City. But when it came time to commission a vacation home, they took it up a notch, altitude-wise. They built a home about 2,000 feet higher in an area known as the Corridor de la Montaña, or Mountain Corridor, in the state of Hidalgo.

Ramos, a 35-year-old sales director, and Moss, a 38-year-old executive in the construction industry, bought their steep 1/3-acre lot in 2021 for about $73,000. Then they spent roughly $475,000 to build and furnish a new house, working with Mexico City architect Rodrigo Saavedra Pérez-Salas. His design, using a cantilever, suspends the two-storey structure off the side of a densely wooded slope. From the inside, it can feel like a vast, floating treehouse.

undefined They named the property after their boxer, Oruç, now 11, and initially planned to use the home to entertain friends on weekends and holidays, outfitting the lower level with a funky bar. The three bedrooms—some equipped with bunk beds—and three bathrooms can accommodate up to eight people.

But this summer, less than a year after finishing construction, they had their son, Nicolás. That means they have to make some changes to babyproof the house. “We will have to do something,” says Ramos.

The vacation home is part of the first wave of development on the site of what was once a sprawling private estate. The property sits in Mexico’s Sierra de Pachuca mountain range, part of the vast Sierra Madre Oriental that runs along the east of the country. Their area is marked by atmospheric mists and a lengthy rainy season.

For Saavedra, the architect, the hard choice wasn’t where to place the house—a clearing in the woods, in the middle of the lot, was just about the only spot—but how to access the house once it was built. The most direct route would have meant seeing a house sticking out of the woods, says the 35-year-old founder and principal of Saavedra Arquitectos. Instead, he devised what he calls “a narrative” that leads visitors over a bridge, then down and around a series of winding stairs and through a masonry door that acts as a kind of ceremonial portal to the house. When visitors first arrive on the lot, all they see is tree. As they descend and approach the house itself, they are given a tour of the exterior of the building, while glimpsing the evocative mountain terrain beyond and below.

The couple chose moody interiors to play off local conditions, with lots of exposed steel beams, steel-tinted concrete, dark wood and glass walls that let tree-filtered light stream in. A spare open stairwell and thin inner and outer railings add to the minimalist flare.

All this added atmosphere came at a cost. The couple spent about $94,000 on steel, which includes the bridge and the costly cantilever.

Intent on a sustainable home, they managed to reuse what another homeowner might regard as outright waste. They have stored firewood for the great room in leftover steel girders, fashioned into a Brutalist rack, and they used leftover wood from their board-formed concrete molds as paneling in the primary bedroom. Most recently, they have installed a rainwater collection system, with a cistern placed uphill from the house, and they now use the bounty for everything from washing to drinking.

Though Casa Oruç is surrounded by trees, Saavedra managed to build the whole 2,400-square-foot house by only cutting down a handful. This ship-in-a-bottle effect is apparent in an upstairs deck, which incorporates two oyamel firs, a species native to the mountains of central and southern Mexico. Downstairs, the bar area is built around one of the firs, set off by a glass enclosure.

The open-plan kitchen, which Ramos helped design, was a splurge of about $34,000. The couple spent about the same amount on the glass doors and windows—a cost most apparent in the primary bedroom, which has glazing on three sides.

Being nearly 9,500 feet above sea level means the couple can do without air conditioning, and even though it rarely gets below freezing, heating is a must for much of the year. They spent around $15,660 on an electrical heating system, which, depending on where they are in the house, radiates from either the floor or the ceiling. They also spent some $10,500 on two fireplaces—gas-burning for the bedroom, and wood-burning for the great room’s main sitting area. They use them for heat and for added coziness, says Moss.

The couple have kept their lot as wild as possible, putting their landscaping budget at less than $1,000. And they can tour the area’s rough and wild terrain starting right on their property, which contains a few dramatic rock formations. Though their home is nearly as far above sea level as the taller peaks of Montana’s Glacier National Park, the spot is more bucolic than dramatic. The house is high up, concedes Moss, “but not ridiculously high,” invoking a category that for him starts at about 16,000 feet.

Now, looking ahead to the end of the year, when Nicolás will start to crawl, they are set to invest around $3,000 to babyproof. This will include installing tempered glass to close off the bare-bones railings of their main terrace, located off the upper floor’s great room, and protecting the exposed inside stairwell connecting the great room above with the bar area below.

When the baby came, they hadn’t yet decided on blinds or curtains in the primary bedroom, which turned out to be a benefit. “We get to see all the different shades of light—when it’s getting dark, then when the sun comes up,” says Ramos, who appreciates these subtle changes throughout the day. Perhaps her baby does, too. “I always give Nicolás his first feed while in bed, and he loves staring outside,” she says.

Many new arrivals to this altitude might be gasping, but little Nicolás is doing just fine. He likes to “contemplate the view of the sky and tree tops from our laps,” says his mother.

Foundation and framing:

$169,725 (including masonry)

Steel (including cantilever):

$94,000

Kitchen:

$34,000

Bathrooms:

$18,500

Landscaping:

$780

Fireplaces:

$10,450

Electrical work:

$27,260

Floors (including outdoor decks):

$25,000

Glazing (glass doors and windows):

$34,000

Lighting:

$3,100

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Property
Property of the week: 10 Orient Court, Buderim
By Kirsten Craze 13/09/2024
Local
Property of the Week: 8 Robertson Street, Toorak
By Josh Bozin 10/07/2024
Money
More Than 40% of World’s Electricity Came From Zero-Carbon Sources in 2023
By H. CLAIRE BROWN 30/08/2024
0
    Your Cart
    Your cart is emptyReturn to Shop