'Melbourne most affordable' (REIA)
Sep 28th 2005, 9:44 am
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'Melbourne most affordable' (REIA)
http://www.theage.com.au/news/nation...804512024.html
Melbourne 'most affordable' for housing
By Aileen Keenan
Property editor
September 28, 2005 - 10:28AM
Housing is more affordable in Melbourne than in either Sydney or Brisbane and Victoria has the highest number of first home buyers, according to a report from the Real Estate Institute of Australia.
Victorian treasurer John Brumby also told a Housing Industry Association Construction Outlook breakfast that Victoria had record high building approvals which totalled $4.5 billion over the past three months, more than $1 billion higher than New South Wales.
Mr Brumby said the report for the June quarter found the median house price in Sydney was $495,000, compared to $363,000 in Melbourne and $310,0000 in Brisbane.
The report measured median house prices, loan repayments and weekly family income.
Mr Brumby said higher average household income resulted in improved housing affordability in Victoria.
The trend extended to regional Victoria with June quarter data from the HIA and the Commonwealth Bank finding homes in regional Victoria more affordable than regional areas of NSW, Queensland or Western Australia.
Since 1999-00 Victoria's gross disposable income has risen by 20.3 per cent, outstripping growth in NSW (19.2 per cent) and Queensland (17.9 per cent.)
Mr Brumby said as a result of improved affordability, Victoria had the highest number of first home buyers over the last year, with 30 per cent of the national market.
Underpinning the demand for building approvals was the increasing number of overseas migrants choosing to settle in Victoria. He said nearly one in three migrants entering Australia moved to Victoria.
- theage.com.au
OzTennis
Melbourne 'most affordable' for housing
By Aileen Keenan
Property editor
September 28, 2005 - 10:28AM
Housing is more affordable in Melbourne than in either Sydney or Brisbane and Victoria has the highest number of first home buyers, according to a report from the Real Estate Institute of Australia.
Victorian treasurer John Brumby also told a Housing Industry Association Construction Outlook breakfast that Victoria had record high building approvals which totalled $4.5 billion over the past three months, more than $1 billion higher than New South Wales.
Mr Brumby said the report for the June quarter found the median house price in Sydney was $495,000, compared to $363,000 in Melbourne and $310,0000 in Brisbane.
The report measured median house prices, loan repayments and weekly family income.
Mr Brumby said higher average household income resulted in improved housing affordability in Victoria.
The trend extended to regional Victoria with June quarter data from the HIA and the Commonwealth Bank finding homes in regional Victoria more affordable than regional areas of NSW, Queensland or Western Australia.
Since 1999-00 Victoria's gross disposable income has risen by 20.3 per cent, outstripping growth in NSW (19.2 per cent) and Queensland (17.9 per cent.)
Mr Brumby said as a result of improved affordability, Victoria had the highest number of first home buyers over the last year, with 30 per cent of the national market.
Underpinning the demand for building approvals was the increasing number of overseas migrants choosing to settle in Victoria. He said nearly one in three migrants entering Australia moved to Victoria.
- theage.com.au
OzTennis
