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Market Wrap

Housing affordability and sentiment ticking upward

How do Australians feel about housing affordability?

An in-depth look at housing affordability and its perception across Australia have been released in CoreLogic’s latest report Perceptions of Housing Affordability 2019. The research finds that 54 per cent of Australians believe affordability has improved in the past year. There are myriad reasons for this, including the decrease in median house prices reflected most prominently in Melbourne and Sydney, as well as record-low interest rates.

The Millennial mindset on homeownership

The report collates findings across each state and categorises sentiment from each generation. Within that a surprising figure came out – despite the limitations in home ownership, 86 per cent of Millennials rate home ownership as important, well above that of other generations. Other signs show positivity, like the fact that the percentage of gross annual income required to service a mortgage is down 2 per cent from 37 per cent in mid-2017 (currently at 35 per cent).

Ringwood Director Lee Fenech adds: “The recent fluctuations on the housing market show signs of a recovery. Now more than ever is the time for first home buyers and upsizers to get on the property ladder.” It’s a feeling that is reflected in this latest CoreLogic report. Reach out to your local hockingstuart expert for the latest market advice today.