October 2024 Newsletter
- deancollins786
- Oct 3, 2024
- 2 min read
Welcome to your October market update, brought to you by Oasis Realty.
OCTOBER MARKET REPORT
Housing affordability in Australia has hit a record low.
According to PropTrack's latest report. High mortgage rates, not seen since 2011, combined with a $50,000 rise in the national median home price over the past year, have made homeownership increasingly unattainable. A median-income household earning $112,000 annually can now afford only 14% of homes sold, a sharp decline from 43% just three years ago.
New South Wales, Victoria, and Tasmania are facing the worst affordability conditions.
With Sydney's median house price at $1.5 million. Even in Victoria and Tasmania, affordability is below the national average, with households able to afford less than 10% of homes. Western Australia remains the most affordable state, attracting buyers and fueling price growth.
Saving for a deposit remains a significant challenge
For first-home buyers, while rising incomes have not kept pace with soaring prices and mortgage rates. Although lower interest rates could offer short-term relief, long-term improvement in affordability will require structural changes, including building more homes and reducing stamp duties to make housing more accessible.
The median listing price for houses in Moreton Bay is $759,000 and this has changed 8.58% over the past year and changed 13.45% over 2 years.
The median rent in for houses is $580 per week and the median rental yield is 3.97%. Stock on the market for houses/townhouses has changed 1.71% compared to last year. The median listing price for units is $610,000 and this has changed 23.23% over the past year. The median rent for a unit in Moreton Bay is $450 per week, producing a rental yield of 3.83%.
TIPS & ADVICE
Do Pools add value to your home?
Click Here to learn more
Should you get professional staging when selling your home?
Click Here to learn more
Thank you for taking the time to read our little blog! If there's anything at all I can help you with, please give a call and I will be happy to answer any questions you may have.
Dean Collins
Principal Agent
0448 816 937
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