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Australia interest rate rises: Unaffordability of Sydney homes is a real-time future crisis
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Sydney’s property market was a badge of pride, with the weather, harbour, coast and mountains making our city Australia’s best “des res”. But unaffordability has turned it into something of a bleak house.
The share of average household earnings needed to service a new mortgage on a median-priced home has reached 30.7 per cent – far more than the rest of Australia and the highest level since the 1990s. The media has been inundated with worried householders hit by the latest twin-edged interest rate hike that makes it harder for them to make ends meet and further restricts economic activity.
Hope for house hunters amid slump as realtor warns optimism premature
Vanessa Bray says a drop in Perth house prices has given her hope of finding a home for her family. (ABC News: Madigan Landry)
Home buyers are hopeful a drop in Perth property prices will help them break into the market.
New data shows the city's median dwelling value has fallen to $942,018, but that is still 68 per cent higher than it was five years ago.
A Perth realtor warns the optimism of those trying to buy a home may be premature, saying the figures do not represent the true state of the housing market.
After years of searching for a home as Perth property prices continued to rise at an unprecedented rate, Vanessa Bray finally feels like she has a fighting chance of securing one.
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Why falling prices could leave Gold Coast with a glut of unsold homes
Falling housing prices will slow new home building and could leave development hotspots such as the Gold Coast with a glut of unsold stock that contracted buyers can no longer borrow enough to buy in two years’ time, economists and developers say.
House values – which new Cotality data show were on track to hit the fastest downturn in 40 years – and higher interest rates hit the housing development pipeline with a double whammy that raised the cost of new homes, even as existing ones became cheaper.
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