Affordability on hold, according to report
The affordability of housing for Victorian owner-occupiers has barely changed in the past year, according to the most recent REIA Deposit Power Housing Affordability Report. The report shows in Victoria the proportion of family income needed to meet average loan repayments in the September quarter last year was 35.7 per cent, compared to 35.6 per cent in the September quarter this year. There is no doubt housing has become less affordable over the last few years. Victorians have generally needed more than a third of an average income to pay the average loan for the last seven years (with the exception of the GFC). Between 1999 and 2004, Victorians generally required a quarter of an average income to pay the average loan. The significant reduction in affordability was a direct result of the state’s rate of population growth doubling between 2005 and 2010 not being matched by an increase in housing construction. This suggests the solution to affordability concerns is primarily through ensuring adequate housing supply. When compared to the other states, Victoria is the second least affordable; only in NSW is a greater proportion of income needed at 37.1 per cent. Renters, however, are in a better position when compared to other states. In Victoria, they needed 22.7 per cent (same as a year ago) of an average family income to meet the average rent, which was more affordable than in NSW, Queensland, South Australia, Tasmania and the Northern Territory.
4 Julia Court Dare To Be Different Located in a quiet court opposite a park is this unique family home. Boasting 4 spacious bedrooms all with robes and 2 with ensuites, large timber hostess kitchen with walk in pantry with duel ovens. The front of the home features a lovely formal living area and study with the second living area leading off kitchen/dining area and has views of the pool. Outside features an entertainment area complete with inground pool and separate spa. There is also a separate yard for the dog or kids to play in. This home must be inspected and will not disappoint. Auction 28th January 2012 @ 11.30am onsite View Saturday 11.30am - 12.00pm Contact Stephen Morgan 0419 388 802 5480 1466 email@example.com 209 Anstruther Street, Echuca Priced to meet the market this family sized home will impress with two living areas, four bedrooms with the more than generous main bedroom having walk in robe and ensuite. The family sized kitchen overlooks the spacious dining and family area which leads out to the undercover entertainment area, large rear yard and in ground pool. There is also ducted heating and cooling to ensure your comfort throughout the seasons. Sale $380,000 View Saturday 9.45 - 10.15am Contact Lynn Hall 0417 505 543 54 801 466 firstname.lastname@example.org 209 Anstruther Street, Echuca
8 Lynch Drive Family Home With Pool