news

Sydney property most affordable since 2009

By Staff Reporter

Sydney residential property is at its most affordable level since August 2009, revealed by data from Onthehouse Holdings Limited.

Owners are paying off their mortgages at a median rate of 45.36 per cent of their after-tax income for houses, and 32.71 per cent for units, data shows.

The onthehouse.com.au affordability indicator is based on the proportion of income the average household will need to make mortgage payments in their suburb.

The data showed that units remain substantially more affordable for Sydney residents, with Blair AtholBlair Athol, SA Blair Athol, NSW, Minto and Leumeah as Sydney’s most affordable suburbs at 29.65 per cent, 27.58 per cent and 28.07 per cent respectively of their after-tax income spent on home loans.

Meanwhile, PaddingtonPaddington, QLD Paddington, NSW, Alexandria and Mosman are the most affordable inner-city suburbs relative to residents’ income, with owners paying 29.65 per cent, 34.14 per cent, and 35.05 per cent respectively.

Michael Fredericks, founder and CEO of Onthehouse Holdings, said “the lowering of the cash rate to 2.75 per cent by the RBA and the relatively static levels of property prices are helping homeowners and increasing affordability for those wanting to get into the market. In fact, our data indicates affordability in Sydney is at its most favourable level in four years”.

Sydney property most affordable since 2009
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%