House Affordability
Posted by: jtmorri
20th Aug 2024 02:03pm
In the current Australian housing market can you or your family members afford to buy or rent a home?
Which state of Australia does you situation relate to and are you located in a major city of regional area?
Which state of Australia does you situation relate to and are you located in a major city of regional area?
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Comments 3
Rubytwoshoes
I currently live in Brisbane. In order to move, I would have to sell my queenalander style house, and downsize to a townhouse or unit, which would not leave me with much left over, given the current market. I would not be able to afford a house which does not require work and I'm not in a position to do the work myself.
Thom3268
I read recently the deposit required to buy the price of an average (not median) priced house is over $100,000. Government schemes to aid in the entry into housing market only goes so far.
baccus
The Australian housing market is undoubtedly challenging, especially in cities like Sydney. Owning a property already, as you have mentioned, is a significant advantage, given the consistent growth in prices over the years. For many first-time buyers, breaking into the market seems increasingly daunting, and I share the concern about how our son will manage to afford a home in the future. It feels almost inevitable that parents will need to provide some level of support, whether through savings, guarantor loans, or shared ownership.
Living in Sydney myself, I see the impact of high demand and limited supply on affordability. While regional areas often present more budget-friendly options, the draw of city opportunities keeps prices competitive. Long-term planning, such as instilling good financial habits in our kids and considering early investments, may be key to helping the next generation navigate this market.