Sydney Most Affordable East Coast City For Liveability … Apparently
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Sydney Most Affordable East Coast City For Liveability … Apparently

While the median house price is high, there are other factors at play.

By Terry Christodoulou
Thu, May 27, 2021 3:45pmGrey Clock < 1 min

Yes, you read that correctly. Sydney has been declared the east coast’s most affordable city for liveability by PRD Real Estate.

Ignoring the fact that the Harbour City has an entry-level price of $1.2 million for a house within 20km of the CBD, PRD’s research argues that Sydney is indeed “the most affordable city for liveability.”

The firm’s reasoning boils down to Sydney having the greatest cost differential between premium and affordable dwellings in the same metropolitan area.

Residents can purchase a house in a liveable suburb for 87% less than the premium needed to purchase in Sydney Metro, well above the other eastern capitals.

PRD’s considerations for affordable and liveable suburbs include property trends, investment potential, affordability, project development, and liveability factors such as low crime rates, availability of amenities within a 5km radius (i.e. school, green spaces, public transport) and a steady unemployment rate.

According to PRD, Peakhurst in Sydney’s south came out on top for houses.

The suburb’s median house price for the first quarter was $1.2 million while units were among the most affordable at $685,000.

Melbourne Metro is the runner up at 42% less, and Brisbane third at 16% less.

Melbourne’s most affordable and liveable houses are found in Greenvale ($728,000), Bellfield ($800,000) and Mulgrave ($850,000).

Elsewhere, Melbourne’s most affordable units were found in Northcote ($595,000), Lower Plenty and Pascoe Vale (both $630,000)

Brisbane’s best performing suburbs included  Springwood  $530,000, followed by Rochedale South ($545,000) and Ferny Grove ($653,000).

Warner had the lowest-priced units in the Queensland capital with a median of $290,000, followed by Taigum ($320,000) and Coorparoo ($422,000).



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

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By WILL PARKER 23/11/2022
Swanning by the park in Sydney’s west
Australian house values continue to fall – but the pace of decline has slowed

Data reveals house values have continued to decrease, but the rate has slowed as the RBA Board prepares to meet next week

Thu, Dec 1, 2022 2 min

House values continued to fall last month, but the pace of decline has slowed, CoreLogic reports.

In signs that the RBA’s aggressive approach to monetary policy is making an impact, CoreLogic’s Home Value Index reveals national dwelling values fell -1.0 percent in November, marking the smallest monthly decline since June.

The drop represents a -7.0 percent decline – or about $53,400 –  since the peak value recorded in April 2022. Research director at CoreLogic, Tim Lawless, said the Sydney and Melbourne markets are leading the way, with the capital cities experiencing the most significant falls. But it’s not all bad news for homeowners.

“Three months ago, Sydney housing values were falling at the monthly rate of -2.3 percent,” he said. “That has now reduced by a full percentage point to a decline of -1.3 percent in November.  In July, Melbourne home values were down -1.5 percent over the month, with the monthly decline almost halving last month to -0.8%.”

The rate of decline has also slowed in the smaller capitals, he said.  

“Potentially we are seeing the initial uncertainty around buying in a higher interest rate environment wearing off, while persistently low advertised stock levels have likely contributed to this trend towards smaller value falls,” Mr Lawless said. “However, it’s fair to say housing risk remains skewed to the downside while interest rates are still rising and household balance sheets become more thinly stretched.” 

The RBA has raised the cash rate from 0.10 in April  to 2.85 in November. The board is due to meet again next week, with most experts still predicting a further increase in the cash rate of 25 basis points despite the fall in house values.

Mr Lawless said if interest rates continue to increase, there is potential for declines to ‘reaccelerate’.

“Next year will be a particular test of serviceability and housing market stability, as the record-low fixed rate terms secured in 2021 start to expire,” Mr Lawless said.

Statistics released by the Australian Bureau of Statistics this week also reveal a slowdown in the rate of inflation last month, as higher mortgage repayments and cost of living pressures bite into household budgets.

However, ABS data reveals ongoing labour shortages and high levels of construction continues to fuel higher prices for new housing, although the rate of price growth eased in September and October. 

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