What concerns me most about media reports on property markets is that they are often sensationalised. They can offer little in terms of a balanced review and would rather stoke media fear sometimes with slanted interpretations of the truth.
The recent 60 Minutes report on housing affordability was refreshing and Bluewealth Property Group’s summary of some of the key take aways from the program are worth noting.
- It costs an Australian household less to own a property in 2017 than it did in 1990. In 1990, the average Australian household spent 38% of their monthly income on mortgage repayments. In 2017, that figure is 29%.
- Short of limiting immigration or imposing a one child policy, housing affordability can only be resolved by addressing property supply.
- Young Australians may need to make some sacrifices, as we did, to get into the property market. For many of us, that meant working extra hours and living within a budget. If budgeting isn’t your thing, find someone to help you with it.
I am fortunate enough to be able to help hundreds of customers understand their financial situation and help them achieve their property goals - regardless of whether they are buying their first home, second home or even investment property.