Yahoo Finance Affordable homes reach record low
Affordable properties hit a record low in October, new research has found, despite property prices falling across the country.
The PropTrack Market Insight Report found just 35.8 per cent of properties listed for sale on realestate.com.au were under $600,000 in October.
It’s a steep drop from the start of the pandemic in March 2020 when more than half of new listings (52.5 per cent) on the site were below this price.
Units have not fallen as much as houses, with a decline of around 7 per cent since the onset of the pandemic (59.2 per cent to 52.3 per cent).
There was also a greater drop in regional areas, falling from 71.2 per cent to 45.6 per cent for the same period, as more Aussies sought a tree change. In comparison, capital cities dropped from 42.5 per cent to 30.6 per cent.
PropTrack director of economic research Cameron Kusher said more affordable properties may become available as property prices continued to drop.
“However, it seems unlikely that we’ll see a significant uplift in the share of new listings under $600,000, which highlights ongoing affordability challenges,” Kusher said.
What is the property outlook in Australia?
In Sydney, just 1.8 per cent of houses were below the $600,000 price point. The Australian Capital Territory was also feeling the pinch, with 1.4 per cent of houses below this mark.
Houses for sale below $600,000:
Sydney - 1.8 per cent
Melbourne - 13 per cent
Brisbane - 25.1 per cent
Adelaide - 39.6 per cent
Perth - 50.7 per cent
Hobart - 28.4 per cent
Darwin - 46.8 per cent
ACT - 1.4 per cent
Units for sale below $600,000:
Sydney - 27 per cent
Melbourne - 50 per cent
Brisbane - 72 per cent
Adelaide - 82.9 per cent
Perth - 77.9 per cent
Hobart - 58.7 per cent
Darwin - 88.8 per cent
ACT - 51.4 per cent
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