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A New Vision in Housing |
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Housing Unaffordablity Report
In a study released this month by the National Centre for Social and Economic Modelling (NATSEM) at the University of Canberra, and AMP, Australia has been desicribed as one of the least affordable countries in the world.
The study found median house prices in Australia grew 147 per cent between 2001 and 2011 to $417,000, while median after-tax incomes only increased 50 per cent to $57,000.
Brisbane has a relatively cheap median house price at $439,000, compared to Sydney, which has the highest median house price ($510,000). Other capitals more expensive than Brisbane included Canberra ($485,000), Melbourne and Perth ($485,000) and Darwin ($454,000). Capitals cheaper than Brisbane were Adelaide ($385,000) and Hobart ($326,000). Brisbane's price-to-income ratio is 6.7. Of non-capital city areas, Queensland has the most stressed households, with 22 per cent spending more than 30 per cent of after-tax income on housing expenses, led largely by the Gold and Sunshine Coasts. Tasmania has the least stressed households, at just 9.9 per cent.
The outlook is not completely bleak however home purchasers can save $20,000 to $27,000 at Horizon Housing Company’s (HHC) Upper Coomera development.
HHC’s five dwellings are currently priced from $275,000 before receiving the $10,000 Housing Affordability Fund (HAF) grant, available through HHC. Another $10,000 rebate can be secured through the Queensland Government grant, with first home buyers able to use the $7,000 Federal Government grant to further decrease costs.
HHC chief executive Jason Cubit said the cost reductions on HHC’s already entry-level priced properties put home ownership within reach of many low to middle income earners.
“Even if Council chooses not to offer the $10,000 grant, second or third home buyers can save $20,000 on a brand new completed home in Upper Coomera, while first home buyers can save $27,000,” he said.
“These homes highlight the fact there are still affordable options out there for people who want to break into the property market.”
HH are focused on adressing housing unaffordablity where possible and are developing products which reduce housing stress in Queensland.
If you are looking for more information you can access the following sites for further details
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