To Call Australia Home
Once again we see Sydney’s housing market surging to new levels and prices are forecast to soar even further, where will it end and who is fueling this latest boom? It’s a common fact that both Sydney and Melbourne have become the top two destinations for families with wealth and this has flowed on to migrants entering the country. Infrastructure, culture, lifestyle, education and prospects for children have given these two cities the thumbs up for many new arrivals calling Australia home.
Developers of apartments in both Sydney and Melbourne are going ahead with large projects where in other Australian cities (Brisbane, Adelaide and Perth) most large projects are being mothballed. Brisbane has a glut of 1,430 apartments and purchasers face tougher lending criteria from the banking industry.
It will be interesting to see if any changes to negative gearing by Scott Morrison in the May budget will affect this trend.
Buyers in England and Wales forced to spend up to 12 times their income as gap between earnings and house prices widens Even in more affordable regions, prices have risen dramatically. The north-east has low median house prices but the proportion of income needed to buy has almost doubled states David Levene for the Guardian.
The gap between income and house prices has sky-rocketed so much in the last 20 years that even in the most affordable regions of England and Wales buyers are forced to spend six times their income, a new data analysis reveals.
In 1995, the median income in London was £19,000 and the median house price was £83,000, meaning that people were spending 4.4 times their income on buying a property. But by 2012-13, the median income in London had increased to £24,600 and the median house price in the capital had increased to £300,000, meaning people were forced to spend 12.2 times their income on a house.
Something to think about! For Australian residents looking to get into the property market, why not speak to Property Returns, expert Quantity Surveyors in Sydney, today.
a blog written by, James Hannah Tax Depreciation Specialist.