Homes in Brisbane becoming more affordable
Have you been considering purchasing real estate in Burpengary? It seems that now is a good time, as a recent report has shown that homes are in fact becoming more affordable.
The Moody's Australian Housing Affordability Measure looks at median prices around the country and the average incomes of these separate areas to determine what proportion is necessary to make mortgage repayments.
As of 31 March 2015, an average Aussie household with a mortgage needed to allocate 27 per cent of their paychecks to make the repayments.
Despite this, the share needed for a Brisbane home improved significantly in the 12 months to March 2015 for Brisbane, dropping from 24.4 per cent to 23.3 per cent.
Meanwhile, a home in Sydney or Melbourne would cost you 35.1 per cent and 32.8 per cent of your wage respectively.
To put that into perspective, if your annual income was $80,000, more than $28,000 would be needed to make your mortgage repayments in Sydney, as opposed to just $18,640 in Brisbane.
This will undoubtedly have a positive effect on real estate in Burpengary, as people who were previously locked out of the market may now find that they have a way in.
It's good news if you're looking to sell property in Burpengary, too, as a report from the Real Estate Institute of Queensland found that the median price in Brisbane has actually increased $10,000 to $610,000 in the June quarter for 2015.
Buy property in Burpengary
If you would like to take advantage of the more affordable real estate in Burpengary, you should get in touch with the team at Ray White. With years of experience, we can offer unique insights on the market and help pair you up with your ideal home.