Tag archive: Melbourne

Rental Affordability Continues to Decline, AHIG Report Finds

Renters in NSW, Victoria and Queensland continue to suffer from the increasing gap between their household incomes and the median rents, a new report has found.

The 2018 Affordable Housing Income Gap Report revealed that while property prices and median rents across Australia increased by 82 and 76 percent respectively between 2006 and 2016, household incomes grew by just 40 percent.

“Over the past two decades, housing affordability in Australia has deteriorated at an extraordinary rate,” the report said. “Recent research by the Everybody’s Home campaign shows it is now generally accepted as fait accompli that home ownership is beyond the reach of average income earners and a significant proportion of the population has all but given up on the “Australian Dream”.”

Melbourne is the worst capital city for renters, as median rents were up 75 percent while incomes grew by merely 43 percent. Brighton and Brighton East were the least affordable suburbs to rent in the city, requiring 42 percent of an average renter’s weekly income to pay the median rent. Melton was the most affordable with 21 percent.

In Sydney, Woollahra led as the least affordable suburb with 44 percent of income required to pay median rent. Regional NSW did not fare better. Byron’s median rent at $590 was worth 48 percent of income, while Port Macquarie real estate took 34 percent of income for the median rent of $390.

Queensland had the most modest growth in prices. The increase in rents of 61 percent over the decade was also partially offset by the steady income growth of 40.5 percent. Eatons Hill was the least affordable locality in the Greater Brisbane area, while the localities of postcode 4184 were the most affordable.

Find the report here.

When is the Best Time of the Year to Buy Property?

As 2017 is ending soon, it is the perfect time to set your financial goals and plans for the next year. This might include buying property. However, what time of the year would be the best to purchase real estate in Australia?

Experts vary on their opinion. Advantage Property Consulting director Frank Valentic said the end of the year marks the “prime buying time”, due to the lead-up to the Christmas holiday.

“At this time of the year, particularly leading up to Christmas, some vendors are getting very keen to be done and dusted … They want to get a deal done this side of Christmas and go off on holidays and not worry about inspections and cleaning the house,” Valentic told news.com.au.

John Cunningham, president at Real Estate Institute NSW, also has similar views. “Many sellers will have already bought their next home and will be under a lot of pressure to sell before the real estate industry shuts down over January,” Cunningham told the Daily Telegraph.

However, the right time to buy also depends on other matters, such as seasons and personal conditions. For example, spring and summer are the best times to inspect coastal houses, while winter and autumn would be better suited for regional villas.

If you need more advice on property buying, consider consulting local real estate agents to find out more information about market trends and best purchasing times.