Melbourne became the «unavailable» for home buyers city in Australia





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27.11.2010 16:42
Real Estate Market Analysis | Melbourne became the «unavailable» for home buyers city in Australia For the first time Melbourne has overtaken the traditional leader of the Green Continent-Sydney-on house prices, and in September to replace him in second place in a kind of ranking. In this case, growth in house prices on average in Australia are falling.

Despite the oversupply in the housing market of Melbourne, is now buying a home in this city is becoming a luxury. This confirms the Purchasing power of the Housing Association (HIA), based on interest rates, home prices and incomes. According to published data on the eve of September 2010, to Melbourne, this index was 50.8, for Sydney - 51.5, according to news.com.au.

Third place went to is located on the shores of the Indian Ocean Perth (54.9), followed by Canberra and Capital Region (57,8), Brisbane (58.1) and Adelaide (59.4). Hobart on the island of Tasmania, was the most affordable city, its purchasing power index - 71,9. The average house price in Hobart ranges from 325 thousand Australian dollars ($ 313 thousand), and the average annual income of residents is 60 thousand, AD ($ 57.8 million).

Lead Economist, HIA, Dr. Harley Dale said that Melbourne came in first place due to lower wages with rising housing prices. According to him, until recently, prices in Melbourne rose significantly, and this increase was higher than anywhere else.

In addition, the loss of purchasing power and influence to raise interest rates in the first half of this year. "The next jump in interest rates will add fuel to the fire. To regularly cover the costs of mortgages for the average house in Melbourne and Sydney, a person must earn twice the average "- added the expert.

Robert Larocca of the Real Estate Institute of the Australian state of Victoria said that in Melbourne there is a large decline in purchasing power as long as there was a global financial crisis. According to him, the main reasons for this: an increase in population growth by half and the lack of a sufficient number of homes that meet demand.
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Content tags: Overseas property
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