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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 , 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.
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”.
Affordability refers to a product or service that is inexpensive and accessible for people with limited means.