A Property Pulse study conducted by CoreLogistics found that it is easier to buy a home now than it was in 2009.
Since mortgage rates have dropped to record lows and incomes have increased at the same rate as housing costs, it is now much easier for Australian’s to pay off their homes. Except for our two major cities Sydney and Melbourne.
To put things in perspective; house hold incomes have grown from $59,020 (2009) per annum to $79,872 (2019).
National median dwelling value has increased steadily each year, going from $382,650 to $516,710.
However, the national average does not mean housing is cheaper everywhere.... If you live in Sydney you are now paying 8.2 times gross annual income, compared to 6.6 a decade a go.
Melbourne, Hobart, regional NSW and regional Victoria are also worse off when it comes to housing affordability.
Adelaide, Canberra and regional Northern Territory saw housing affordability get slightly better.
Brisbane, Perth, Darwin, regional Queensland and regional WA got much more affordable in the past decade.
So I guess the answer depends on where you live in Australia!
What are your thoughts on this? Is this study not accounting for something that would turn the results?