Housing remains to be as affordable since it would have been a decade ago

THIS home at Oakdale Rd, New Norfolk recently sold for $316,000. It really is available as one of Australia’s least expensive suburbs.

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DESPITE what many buyers could imagine, new research shows Australian homes remain as affordable while they were a decade ago.

Analysis by CommSec chief economist Craig James has says home prices are about four times household disposable income.

He explained this ratio was broadly unchanged from a decade ago.

“Within the last decade disposable income per household has risen around 70 % while

average home price has lifted around 67 %,’’ he was quoted saying.

“Home values could possibly be up, but so can be disposable incomes,’’ he explained.

Mr James said Australians had become richer over time along with earlier times decade, incomes had grown slightly faster than home values.

“But broadly over the decade little has changed in terms of home affordability - it's gone

sideways,’’ he explained.

He explained certainly people spent much more about homes together with bigger and better homes than they did ten years ago, so they really thought housing was less affordable.

But he said whenever you considered it from a purely financial ratio, things had not changed much.

“Certainly homes are less affordable than 19 years ago, but that's not because income growth has become sluggish, but because wealthier Australians, using lower rates, and benefiting

from less expensive basic necessities like food, clothing and transport, have channelled extra dollars in to the family house.

“Homes are bigger in addition to high quality than 2 decades ago.’’

Mr James said the modern figures from your RP Data/Rismark Home value index showed the median price of a home across Australia, was $450,000.

The Australian Bureau of Statistics national accounts estimate of disposable income per household was $111,919.

“Within the last year the median home price rose by 5.9 per-cent, outpacing the 1.7 per cent lift in income per household,’’ Mr James said

“But interestingly during the last decade, the normal income per household has risen by 70.6 %, outpacing a 66.7 % lift in home prices.’’

In accordance with RP Data, the majority of Australia’s most economical suburbs come in South Australia, Queensland or Tasmania.

It found Elizabeth Vale, in Adelaide was Australia’s most economical capital city suburb.

The northern Adelaide suburb features a median property worth of $143,452.

Recent sales include, 21 Rollison Rd, Elizabeth Vale which sold for $195,000.

21Rollison Rd, Elizabeth Vale has four bedrooms and ducted heating and cooling. Picture: realestate.com.au Source: Supplied

Nearby Elizabeth North was the 2nd most economical suburb which has a median property valuation on $159,438. The suburb was established from the South Australian Housing Rely upon 1955.

Recent sales include 11 Chirton St, Elizabeth North which sold for $142,500.


The timber-frame home at Chirton St, Elizabeth North has three bedrooms.Source: Supplied

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