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Property getting unaffordable again

09/03/2010

In the December quarter, the average Australian home price was $428,000 using RP Data-Rismark data. The median home price was a little lower at $400,000.

Rismark estimates that at the height of the financial crisis in 2008 and 2009 the average home price-to-income ratio in Australia fell to a low of 3.9 as dwelling prices declined while household incomes remained generally stable. Thus the 11 per cent growth in dwelling prices since the start of 2009 has seen the ratio of prices to incomes restored to around its recent average of 4.4 times.

Rismark estimated that average Australian home price across all metro and non-metro regions (and covering all property types) was 4.6 times average Australian disposable household incomes as of the December 2009 quarter. This is slightly higher than Australia’s average home price-to-income ratio, since March 2003, of 4.4 times.

Source: Banking Day



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