Login
Sydney property most affordable since 2009
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 Athol, 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, Paddington, 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”.
Want to see more stories from trusted news sources?
Make Smart Property Investment a preferred news source on Google.
Click here to add Smart Property Investment as a preferred news source.
Free investor loan check
Better property decisions start with smarter lending.
A free 15-minute finance check for property investors.
What are your lending goals?
Choose a goal to request a callback.
Finni Pty Ltd · Australian Credit Licence 384324 · Privacy