House prices fall as RBA interest rate hikes bite
Jul 31st 2010, 5:08 am
#16
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Joined: Jan 2005
Location: Brisbane
Posts: 4,294
Re: House prices fall as RBA interest rate hikes bite
Originally Posted by ABCDiamond
Actually the UK one was quite easy to find:
May 2009
£112,000 : Average new mortgage for house purchase
£40,000 : Average income of new mortgage holders
A similar % to Australia.
Both being about 2.8 times the income for the average buyers.
May 2009
£112,000 : Average new mortgage for house purchase
£40,000 : Average income of new mortgage holders
A similar % to Australia.
Both being about 2.8 times the income for the average buyers.
Jul 31st 2010, 5:30 am
#17
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Joined: Mar 2009
Posts: 623
Re: House prices fall as RBA interest rate hikes bite
Originally Posted by ABCDiamond
I can give you the average new mortgage figures for 2010.
And based on that, together with the average home buyers having an income of $100,000+. It doesn't seem that the multiples quoted will affect those average buyers.
- $304,400 NSW
- $288,800 ACT
- $288,000 WA
- $286,900 NT
- $286,400 QLD
- $275,300 VIC
- $247,700 SA
- $179,400 Tas
And based on that, together with the average home buyers having an income of $100,000+. It doesn't seem that the multiples quoted will affect those average buyers.
Jul 31st 2010, 5:34 am
#18
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Joined: Aug 2005
Location: Adelaide, South Australia
Posts: 11,948
Re: House prices fall as RBA interest rate hikes bite
Last edited by Vash the Stampede; Jul 31st 2010 at 6:16 am.
Jul 31st 2010, 5:58 am
#19
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Re: House prices fall as RBA interest rate hikes bite
Originally Posted by markbhx
$300,000 lol, If we all want to either a) live in a shed or b) live in the sticks!
Assume they get 80% mortgage, then NSW is $380,000 for a house..
Depending on Location, this one is 1 hour from Sydney, asking price $380,000.
If one hour travel is in the sticks, and you do not want that, then you need to go above the Average prices and mortgages, or get a smaller property.
A small 1 bedroom apartment, with little travelling for Sydney CBD, for $380,000
Choices
Jul 31st 2010, 8:39 am
#20
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Joined: Oct 2008
Location: Sydney
Posts: 992
Re: House prices fall as RBA interest rate hikes bite
Originally Posted by markbhx
$300,000 lol, If we all want to either a) live in a shed or b) live in the sticks!
Like ABC its all about Choices, for $300,000 you will get a nice 3 BR house in Katoomba but if you want something similar in say Baulkham Hills it will cost you $550,000.
If say the property market burst like some people think the house in Katoomba maybe then only be worth $250,000 but the house in Baulkham Hills will probably be worth $530,000 -$550,000.
at the same time a house in Perth worth $500,000 now might only be worth $350,000 after a bubble burst.
That's the choice if you save your money and wait till the property bubble bursts to get a real bargain you have then make a decision where exactly you want to live to get the best value for your money.
Choices Choices
