Warning lights were flashing amber on housing affordability five years ago. They should now be bright red.
Jilly Roberts and Will Clark moved into their new Sydney apartment four days before Christmas, having bought it in late November. The quick settlement was a big contrast to the lengthy – and disheartening – process it took them to buy, which lasted a year.
They paid $1.19 million for a two-bedroom, ground-floor apartment in Leichhardt. “To be honest, as first home buyers we expected to be paying that much,” Clark says. The property they wanted to buy, meanwhile, has galloped away. “It seems like a standalone home – what we were previously looking at – is definitely now $1.35, $1.4 million,” Roberts says.
Likewise in Melbourne, the bulk of the year’s 15.1 per cent increase in values was weighted to the first six months, with just a 4.9 per cent increase since the start of July. Perth shows the same pattern, only in a more extreme way – of the city’s 12.8 per cent year-to-date gain in home values, the second half has only seen a 1.4 per cent increase. Price growth in the Brisbane-Gold Coast region is evenly split, with a near-27 per cent year-to-date gain, 13.
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