‘Worst in 10 years’: Sydney slammed

This means a household with an annual income of $135,000 will spend more than 45 per cent of their money servicing their new mortgage, a dramatic increase from February where they needed 36 per cent of their income, analysis by Moody’s Investors Service found.

Mortgage rates in Australia sit at their lowest level on record after the Reserve Bank cut the official cash rate to 0.1 per cent last year, while the current average mortgage rate sits at 3.45 per cent. Melbourne incomes are also being eaten up by mortgage repayments as its median house price creeps towards the million mark, currently sitting at more than $960,000.

“Household incomes have been stagnant for the past year. The economic recovery after coronavirus restrictions ease will be positive for wages, though the influx of overseas workers once international borders reopen will dampen income growth,” Moody’s report said. New research showed that Sydneysiders would take an average of eight years and two months to save a 20 per cent deposit of $181,500 with a median price of $907,000.It found the most expensive LGA in Australia to buy is Sydney’s ritzy eastern suburb of Woollahra, where it would take homebuyers a massive 18 years to save for a deposit, according to Finder’s research.

Since 2015, Aust. population increased 1.5M people through immigration. All needing housing, water, electricity, healthcare. Remind me again of the benefits of high immigration?!?

Move to Cairns Buy 2, live in one and rent out the other, or buy an acreage near a city. Live a tropical lifetsyle, good schools, restuarants, international airport, Close to reef, islands, mountains, countryside outback. Nothing is very fa. Better lifetsyle for about 65% people.

Until foreigners and real estate agents are reigned in, no foreigners be allowed to buy or have others act for them, ALL real estate agents should be examined and unsuitable ones be given the flick, many incidents of collusion between foreigners and real estate agents

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