Property prices across much of Sydney are out of reach for average income earners despite the downturn, as buyer spending power falls faster than declining property prices | kateburke_
Rapidly rising interest rates have cut the borrowing power of home buyers, leaving many Sydney suburbs even further out of reach for average income earners.
A couple on the average income could afford to buy a unit in Ryde, but would need to look to the outer suburbs to buy a house.Options are slimmer for lower-income households, Canstar modelling shows, and a single buyer would be unable to comfortably afford a median-priced property in any Sydney suburb.
“In the last eight months … we’re getting hammered [with enquiries] … from all over Sydney,” he said, noting he recently had buyer interest from the south-west, inner west and northern suburbs.Many buyers were having to go to their maximum capacity or close to it, he added. Mickenbecker said most Sydney buyers, particularly singles, had to put more than 30 per cent of their income towards mortgage repayments to start.Ray White Diamantidis Group
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