Dozens of suburbs that were affordable to the average buyer are no longer within reach. Here’s what slipped away, and where to look instead.
Add articles to your saved list and come back to them any time.Dozens of suburbs below Sydney’s latte line are no longer affordable to the average buyer.
Unit buyers have 71 fewer suburbs to choose from even when median values declined and are priced out of Northbridge, Paddington and Cronulla, which all recorded falls of 10 per cent or more in the past two years as they still exceed $1,075,000. But more suburbs have recorded growth despite rising interest rates, which has exacerbated housing unaffordability, Owen said.
AMP chief economist Dr Shane Oliver said the average buyer can afford even fewer suburbs because of the double whammy of rising prices and mortgage rates that are now threefold higher than two years ago. “The basic problem here is we already had giant swathes of Sydney unaffordable to the average buyer. That proportion is diminishing.”
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