Wednesday, November 22 2017
Brisbane has taken the biggest hit in housing affordability of the eastern-coast cities even as unit prices have fallen, PRDnationwide's latest capital hotspots reports show.
The 1.5 per cent gain in detached house prices in the first nine months of the year more than offset a 2.2 per cent decline in apartment values, pushing up the overall proportion of income required to meet home loan repayments to 27.2 per cent from 26.7 per cent, according to the real estate agency's latest six-monthly round-up of affordable suburbs across the country.
The leap came as houses and inner-suburban apartments gained in price, partly due to investors from the southern states who flocked to take advantage of lower prices, said Asti Mardiasmo, PRDnationwide's national research manager. While the growth in prices was making it harder for locals to buy, Brisbane still offered Sydney investors houses in affordable suburbs that cost half the price of Sydney and offered a rental yield that was equal or higher.
Dr Mardiasmo said Brisbane's price growth was picking up as it slowed in Sydney and Melbourne and from the perspective of the property cycle, this was right.
Arrange an Obligation Free Call to discuss your plans