Australia is a big, varied country, and the cost of living varies significantly depending on where you are. In general, the most affordable places to live in Australia are located in the less populated areas of the country.
However, some affordable cities are also located in the more populated areas, such as Brisbane and Adelaide.
The ANZ CoreLogic Affordability Report looked at information from the ends of the March 2020 and June 2021 quarters for more than 130 Australian locales. The survey revealed that housing affordability is declining, making it more challenging for people to buy their first house.
In this article, learn the data from separate indicators that were examined and where you can find a mortgage consultant in Sydney and other regions.
How Much Has the Cost of Housing Increased?
Housing prices rose by 12.6% between March 2020 and June 2021, despite a 0.2% decline in the median family income. Affordability fell nationally due to rising housing prices and shrinking household incomes.
Making a Deposit Takes Time to Save For
It would take a typical household a record-breaking 10.2 years to save a 20% deposit by the end of the June quarter of 2021 if they saved 15% of their gross annual income. It would take 10.8 years for homes and apartments, 9.0 years.
Which Sydney Neighbourhoods Offer the Best Values?
According to figures from CoreLogic, Pittwater in Sydney was the most expensive suburb in all of Australia. Rent required 51.4% of gross income, but a new mortgage required 103.7%.
Moreover, it would take 28.5 years to save up enough money for a 20% deposit on the neighbourhood's median home, which was 21.4 times more expensive than the average household's yearly income.
Which Melbourne Neighbourhoods Offer the Best Value?
The most expensive area was discovered to be Manningham-West in Melbourne. A borrower would require 20.8 years to acquire a 20% deposit since the average house costs 15.6 times more than the average gross annual income. The amount required for rent payments was 33.6%, while the percentage required to service a new mortgage was 75.5%.
You may also look for the best mortgage brokers for more information.
Which Brisbane Neighbourhoods Offer the Best Values?
Brisbane's Bribie-Beachmere neighbourhood has the highest cost of living. It would take 13.9 years to accumulate a 20% deposit since the average gross yearly income was 10.4 times more than the home's value. Rent consumed 45.2% of total income, with a new mortgage accounting for the remaining 50.7%.
Where Can You Find the Best Deals in Adelaide?
The most expensive area of Adelaide is called Burnside. The cost of the property was 11.7 times the average yearly gross income. Therefore, it would take a buyer 15.6 years to accumulate a 20% deposit. Rent required 32.1% of total income, and a new mortgage required 56.7%.
What Perth Neighbourhoods Offer the Best Values?
The most expensive place to live is Cottesloe-Claremont in Perth, Western Australia. A real estate buyer must accumulate a 20% deposit over 18 years. Its house was worth 13.6 times the national GDP. Rent devoured 38.5% of the income, while mortgage payments required 65.8%.
Where in Darwin Can You Find the Cheapest Accommodations?
The costliest area of Darwin was Litchfield. It would take a buyer 7.7 years to accumulate a 20% deposit since the average gross monthly income was 5.8 times more than the house's value. While mortgage servicing absorbed 279% of income, rent payments comprised 31.6%.
Which Areas in Canberra Offer the Best Values?
The area in Canberra with the highest cost of living is Wooden Valley. 43.2% of the usual median gross income was needed for mortgage payments and 27% for rent. The typical borrower would need 11.9 years to save up a 20% down payment even though the average property is worth 8.9 times the average annual gross income.
Conclusion
There are some affordable places to live in Australia. The most affordable places are in regional areas, while the most expensive places are in Sydney and Melbourne. While the cost of living in regional areas is lower, the quality of life may also be lower. The cost of living is one of many considerations when choosing a location. Consult an expert if you want the best home loans in Sydney and other regions.
Wealthy You is an Australian mortgage company that has been serving Sydney for nearly ten years, so we can provide you with a range of mortgage alternatives to satisfy your unique financial requirements. We specialise in alternative loans and make refinancing your house straightforward. Contact us if you're looking for the best mortgage consultant in Sydney!
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