Where can an average household buy a home these days, without being crushed by the mortgage repayments? | elizabethredman and Kate Burke
A couple on average salaries who want to keep mortgage repayments under 30 per cent of their income would need to stick to a budget at auction of about $734,000.
The catch is that two incomes are assumed – singles on an average income would have a much tougher time breaking into Melbourne’s still-pricey property market. To live east of the city, buyers may need to look past the end of the train line to towns such as Yarra Junction or Woori Yallock.The same couple’s borrowing power has dropped 23.6 per cent, or more than $181,000, since rate rises began.
Perhaps by the bay in Elwood or Sandringham, Williamstown or Altona. In the sought-after inner east and south-east, options include Armadale, Glen Iris, Hawthorn, Prahran and Malvern East, while in the inner north, Collingwood, Northcote, Fitzroy North or Brunswick East. “While Elwood is incredibly affluent and one of the most desirable suburbs in Melbourne, with the apartment boom that happened about a decade ago there suddenly became an abundance of one-bedroom and two-bedroom apartments,” he said.
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