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ISCOVER
Staff Reporter
Global debt problems and falling consumer confidence should not deter home buyers from jumping on the property ladder, as new research shows now is the best time to buy.
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According to RP Data, the national average house price is almost exactly the same as it was in 2006, while incomes continue to grow.
The average Australian home now costs $417,500, which is $66,000 less than the average house price from two years ago and pretty much the same as five years ago.
On the income side, median household income in Australia continues to rise – at an average annual rate of over 7 per cent since 2006. Median household income in Australia now sits at just under $77,000, as compared to just over $54,000 in 2006.
“Buying a home and paying off a mortgage is something most Australians strive for. It got much harder towards the end of 2008, but since the global financial crisis affordability has improved, due to lower housing prices and continued income growth for most Australians,” RateCity chief executive Damian Smith said.
“The average household is now bringing in around $6,000 more than they were two years ago and almost $23,000 more than in 2006.”
