Property prices keep rising and housing is becoming ore unaffordable scream the headlines – especially in Sydney.
According to an article in Domain CEO of the Real Estate Institute of Australia (REIA) Amanda Lynch says thathousing-affordability issues have actually been brewing in Australia for quite some time.
Factors at playsave-money-house
“Although the level of affordability can vary cyclically, house-price and household-income data suggest that there has been an underlying structural affordability problem in Australia over the past half-century.
From 1960 to 2006, real house prices increased at an average of 2.7 per cent per annum, ahead of a 1.9 per cent per annum growth per household real income,” Lynch says.
According to Lynch, myriad factors have affected the housing system and property prices in the last 50 years.
These include an undersupply of housing, land-development processes and policies, the cost of construction and property-related taxes, as well as outside factors such as comprehensive taxation reform.
Back then:
To break it down, in 1973, median house prices across Australia’s capital cities looked something like this:
Sydney – $27,400Australia
Melbourne – $19,800
Brisbane – $17,500
Adelaide – $16,250
Perth – $18,850
Canberra – $26,850
Hobart – $15,200
Darwin – $87,500 (information unavailable until 1986; this value reflects 1986 housing costs)
Nowadays, we’re looking at much higher digits and another set of zeroes added to the price, according to September 2014 numbers from Domain Group’s House Price Report:
Sydney – $843,994
Melbourne – $615,068
Brisbane – $473,924
Adelaide – $459,258
Perth – $604,822
Canberra – $573,326
Hobart – $322,274
Darwin – $667,115
Let’s put this into perspective:
Back in 1973, the average weekly wage was $111.80 (including full- and part-time workers), according to the Australian Bureau of Statistics (ABS).
Today, a full-time worker makes on average $1453.90 weekly (before tax).
However, in the house price report, Dr Andrew Wilson, senior economist for the Domain Group, predicts that housing-market activity will continue to decline as affordable housing falls, joblessness increases and consumer confidence wavers.
The changing property landscape
Lynch further explains:
“There have been many changes within the property landscape over the last 50 years.
We’ve seen a welcome increase in the level of foreign investment in commercial real estate, which has allowed for many inner-city apartment projects and new housing developments in the outer suburbs.
We’ve also seen an increase in the level of single-person households, both with retirees living longer and often alone in their family homes as well as with younger professionals who are increasingly living alone in inner-city areas. This, in turn, places extra demand on housing supply,”
My thoughts:
While there is a growing level of concern about the low levels of first-home buyers entering the market in recent years, I remember buying my first property 40 years ago.
I paid $18,000 for a house and received $12 a week rent (and was excited!) I got $12 a week rent and took out a 30 year loan and had no idea how I’d ever pay that $18,000 off.
It was hard for first home buyers as well as property investors then. Having said that today many first home buyers are having to decide is it better to rent or to buy , and many are choosing to rent in areas they want to live, but can’t afford to buy and instead they become renting investors and buy an investment property where they can afford to helping them get a foot up the property ladder as explained by John McGrath here
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40年房价涨30倍，工资涨13倍， 实际增值2.36 倍。
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都贵了
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In Sydney:
In 1973, media house price was $27,400, the average weekly wage was $111.80, i.e. property is 245x weekly wage = 4.7 years
Today, media house price is $ $843,994 and average weekly wage is $1453.90, i.e. property is 581x weekly wage = 11.2 years
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In older days, most families had only one wage earner; these days, most families have two wage earners. So the time needed to pay off house mortgages is similar now and then.
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very misleading, to say the least
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good point
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单薪家庭基本没法买房了
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房价还会更贵的
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过去40年房价涨了30倍，按中介话说，40年后 当我们垂垂老矣的时候，今天100w的房子，那时候就要3000w，我X，想不到千万富翁离我如此之近。
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我觉得时间选错了。应该是80年代，因为那是利率是最高
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文章的意思是说，未来40年，房价与收入的比例将回复到正常位置？
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可以看看人口增加了多少， 个人觉得房价除去通货膨胀外，应该是一个地方人口越多，房价越贵
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屌丝只能靠买房了，租房的才是款爷
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我觉得这个中位数好像不够准确。
70年代中期，不少glen waveley的房子在7,8万左右。几个downsizer的卖家当年买的就是这个价。
考虑到工资和房价都是十几倍的涨幅，房子的可负担程度并没有太大差别。
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