Finance advice

2016 census state-by-state breakdown of rents and mortgages

By Sasha Karen
Census, breakdown, property market, numbers

How much does each state and territory pay in rent payments and mortgage repayments? We look at the latest snapshot from the 2016 census and find out.

Weekly rental rates mostly increased across the nation, while mortgages mostly decreased, as we found in what the census revealed about Australia's overall property market.

Every state and territory saw an increase in households paying less than 30 per cent of total income towards median monthly mortgage repayments and a decrease in households who pay 30 per cent or greater.

Here’s our breakdown, state-by-state:

NSW

The weekly median rent in NSW is $380, an increase of $80 from 2011’s census. The proportion of those paying less than 30 per cent of their household income is 87.1 per cent, down from 88.4 per cent. Those who pay 30 per cent or more of their household income increased to 12.9 per cent, up from 11.6 per cent.

Unlike the median rent, the median mortgage payment decreased to $1,986, down from $1,993 in 2011. Mortgages are also becoming more affordable, with 92.6 per cent of mortgage payments being less than 30 per cent of a household’s income, up from 89.5 per cent.

Victoria

Victoria’s weekly median rent payments are $325, up $48 from 2011’s census. The percentage of Victorians paying less than 30 per cent of household income is 89.6 per cent, down from 90.9 per cent, while households paying equal to or more than 30 per cent of their household income increased to 10.4 per cent, up from 9.1 per cent.

Median mortgage monthly repayments increased to $1,728, up from $1,700 in 2011. However, like NSW, Victorian mortgages are also becoming more affordable, with 92.5 per cent of mortgage repayments being less than 30 per cent of household income, up from 89.9 per cent, and mortgage repayments equal to or more than 30 per cent are at 7.5 per cent, down from 10.1 per cent.

Queensland

Weekly median rents in Queensland increased $30 to $330, with 87.2 per cent of households paying less than 30 per cent of their household income, down from 88.1 per cent from the previous census, and 12.8 per cent of households paying 30 per cent or more, up from 11.9 per cent from the previous census.

Median mortgage repayments have decreased to $1,733, down from $1,850 in 2011’s census. Following the trend of affordable mortgages, 93.6 per cent of households are spending less than 30 per cent of their household income repaying mortgages, up from 90.3 per cent, and 6.4 per cent of households spend 30 per cent or more of their household income repaying mortgages, down from 9.7 per cent.

South Australia

South Australians saw their weekly median rent payments rise to $260, an increase of $40, with 89.8 per cent of rent payments equalling less than 30 per cent of household income, down from 90.7 per cent, and 10.2 per cent of rent repayments equalling to or greater than 30 per cent of household income, up from 9.3 per cent.

There is a slight decrease in median mortgage repayments to $1,491, down from $1,500 in 2011. Mortgages are also more affordable, with 93.4 per cent of mortgage payments costing households less than 30 per cent of their total income, up from 91.2 per cent, and 6.6 per cent of households’ mortgage repayments worth equal to or more than 30 per cent of household income, down from 8.8 per cent.

Western Australia

Western Australians are paying more in weekly median rent payments than in 2011, at $347, paying an additional $47. Rent is becoming more affordable, with 90.3 per cent of Western Australians paying less than 30 per cent of total household income, down from 91.1 per cent, and 9.7 per cent paying 30 per cent or greater, up from 8.9 per cent.

Monthly median mortgage repayments also increased to $1,993, up from $1,950 in 2011. Despite the rise, mortgage repayments are becoming more affordable, with 91.4 per cent of Western Australians paying less than 30 per cent of their total household income, up from 89.9 per cent in the last census, and 8.6 per cent of mortgage repayments paying 30 per cent or greater, down from 10.2 per cent.

Northern Territory

Northern Territorians saw the largest median weekly rent rise to $315, up $90 from 2011. There was little change in rent affordability, with 90.9 per cent of households paying a total household income of less than 30 per cent, compared to 2011’s 91 per cent, and 9.1 per cent of households paying 30 per cent or greater of total household income, up from 9 per cent.

Monthly median mortgage repayments also increased to $2,167, up from $2,054. Unlike rent payment, however, mortgage repayments are becoming more affordable, with 94.5 per cent of households paying less than 30 per cent of total household income for mortgage repayments, up from 92.3 per cent in 2011, and 5.5 per cent of households paying 30 per cent or greater, down from 7.7 per cent.

Tasmania

Tasmanians are paying the least in weekly median rent payments across Australia’s capital cities at $230, up from $30 in the last census. Rent payments are becoming less affordable in Tasmania, with 89.8 per cent of households paying less than 30 per cent, down from 90.5 per cent in 2011, and 10.2 per cent of households paying 30 per cent or greater, up from 9.5 per cent in 2011.

Tasmania is the only state not to see a change in its monthly median mortgage repayments, staying steady at $1,300. However, mortgages are becoming more affordable, with 94.9 per cent of households paying less than 30 per cent of their total income, up from 92.5 per cent, and 5.1 per cent of households paying 30 per cent or greater of their total income, down from 7.5 per cent.

Australian Capital Territory

Residents in the ACT have kept their weekly median rents stable at $380. Households that pay less than 30 per cent of total income decreased to 91.9 per cent, down from 2011’s 92 per cent, and 8.1 per cent of households pay 30 per cent or greater, up from 8 per cent.

Following the majority of states and territories, the ACT saw a decrease in median monthly mortgage repayments at $2,058, down from $2,167. Median monthly mortgage repayments have become more affordable, with 94.5 per cent of Territorians paying less than 30 per cent of total household income, up from 92.2 per cent in 2011, and 5.5 per cent paying 30 per cent or greater of total household income, up from 7.8 in 2011.

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  ["title"]=>
  string(51) "Boost for investors as app sets up off-site bidding"
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  ["introtext"]=>
  string(144) "

Property investors are now able to identify and bid on auctions remotely using a new live-streaming functionality launched by Gavl.

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Called “Request an Auction”, the new functionality enables users to watch and bid on any Sydney or Melbourne auction remotely.

Through Gavl, prospective buyers are now able to register to bid on their preferred auction. The platform will obtain permission from the listing agent and confirm within 48 hours.

Vendors can also request to have their auctions broadcast to a larger buyer audience.

Co-founder Joel Smith said that auctions streamed on Gavl attract 47 per cent more viewers than traditional ones.

He said that Request an Auction will be valuable for remote buyers.

“Buyers are able to have Gavl attend any auction they nominate, so they will never have to miss out on an opportunity due to logistical complications in physically attending the auction.

“Vendors, too, have the opportunity to directly book an auction with us, so they can open up their event to buyers all around the world. With more potential buyers, they’re giving their property the chance to receive more bids and maximise their sales result.”

Mr Smith said that prior to the Request an Auction app, buyers were limited to what they could achieve through the Gavl technology.

Gavl is a live-streaming and bidding platform for real estate auctions.

Mr Smith said that it has streamed more than 6,000 auctions, which have achieved 3.5 million views from 50 countries.

Gavl’s Request an Auction function is currently being offered in Melbourne and Sydney only.

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Boost for investors as app sets up off-site bidding
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Having to split her time between Hong Kong and her original base of Sydney has not slowed Julia Tita’s goal of building a high-performance Australian property portfolio. Instead the resulting alterations to her strategy have positively impacted her investing success.

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Having recently purchased her 6th property, Julia joins host Tim Neary to discuss her journey, share her ups and downs over the years, and reveal her thoughts on why some properties are better than others.

Julia also explains why she no longer makes a move without the help of a buyer’s agent, why working with a strong team of specialists is extremely important and discloses her long-term property ambitions.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Eagleby
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Sydney
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Bondi

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How a move to Hong Kong impacted Julia’s Australian property goals
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  ["id"]=>
  string(5) "18159"
  ["title"]=>
  string(88) "‘Common’ referrer practice of being paid on both sides of the fence coming to an end"
  ["alias"]=>
  string(82) "common-referrer-practice-of-being-paid-on-both-sides-of-the-fence-coming-to-an-end"
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  string(246) "

The practice of property investment firms sharing undisclosed kickbacks among the supply chain involved in development sales will be outlawed in NSW on 1 July this year under the Real Estate Reform being handed down by regulators in NSW.

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Property commentator and valuer, Suburbanite’s Anna Porter, said the reform will address conflicts of interest.

She said they arise when a mortgage broker, accountant or financial planner receives part of the commission from the property firm, who receive their fees from the developer or seller.

“This puts the broker into a position by which they are being paid on both sides of the fence,” she said.

“Until now this has been a grey area and there was nothing stopping this practice.” 

Ms Porter said this has been a common practice in the industry.

"Some well-known mortgage broking firms openly admit to receiving $5,000–$10,000 per referral in their pocket.”

She also said this process has been going on for decades.

"Property investment firms commonly pass some of their commission on to the mortgage broker, accountant or financial planner as a reward to them for passing on the referral. This means that many brokers or financial service providers are making significant amounts of money just to refer on to a property firm, often totalling hundreds of thousands of dollars a year," Anna Porter said.

Ms Porter said the Property, Stock and Business Agents Amendment (Property Industry Reform) Bill 2017 will be in force from July this year, and will prohibit this practice unless the broker or referring partner also holds a real estate industry license.

"Under the new laws, if the broker takes a referral fee from the property firm, they will have to be a licensed real estate agent and also hold a corporation’s license,” she said. 

“Subsequently, every transaction that they receive a referral fee from, they will be putting their license up against the transaction and taking full liability for the conduct, practices and outcome of that transaction, even if they have little to do with the transaction; they are a party to it financially and therefore take as much risk as everyone else in the transaction.”

Mr Porter said where a referrer holds a real estate license, and receives a part of the sale commission, they may find themselves in breach of the ethical requirements under the act.

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‘Common’ referrer practice of being paid on both sides of the fence coming to an end

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