It’s common to be surprised by the constant increase in property prices, which can feel out of reach. But is this a new trend? Let’s look at how incomes and property prices have changed over time.
In the 1980s, property prices were lower, with median house prices in Sydney at $64,800 and Melbourne at $40,800. Today, prices have surged to $1,627,625 in Sydney and $1,032,020 in Melbourne. Despite an increase in income over the years, property prices have grown faster, making it harder to afford a home.
Affording a home today is much tougher, with home prices now 16.6 times the average household’s disposable income compared to four times in the 1980s. Buying a home now requires more financial planning, larger savings, and often a longer wait.
If you’re worried about affordability when buying a home, consider these tips. Reflect on how homeownership adds value to your life and your motives for buying. Make sure the home fits your budget and conduct thorough research on the property. Timing is key, so buy when you can afford it without overstretching your finances.
Owning a home may seem challenging, but with careful planning and strategic decisions, it’s achievable. Contact our mortgage experts at 1300 889 743 or enquire online for free to learn more about making homeownership a reality.
Comparing Property Prices: Past vs Present
Comparing Property Prices: Past vs Present
It’s common to be surprised by the constant increase in property prices, which can feel out of reach. But is this a new trend? Let’s look at how incomes and property prices have changed over time.
In the 1980s, property prices were lower, with median house prices in Sydney at $64,800 and Melbourne at $40,800. Today, prices have surged to $1,627,625 in Sydney and $1,032,020 in Melbourne. Despite an increase in income over the years, property prices have grown faster, making it harder to afford a home.
Affording a home today is much tougher, with home prices now 16.6 times the average household’s disposable income compared to four times in the 1980s. Buying a home now requires more financial planning, larger savings, and often a longer wait.
If you’re worried about affordability when buying a home, consider these tips. Reflect on how homeownership adds value to your life and your motives for buying. Make sure the home fits your budget and conduct thorough research on the property. Timing is key, so buy when you can afford it without overstretching your finances.
Owning a home may seem challenging, but with careful planning and strategic decisions, it’s achievable. Contact our mortgage experts at 1300 889 743 or enquire online for free to learn more about making homeownership a reality.
Source link
Comments
More posts