Australian Housing Not As Expensive
A report complied by Resimark has indicated that Australian housing prices are not as expensive as first indicated or assumed. The Adviser has confirmed the news from Rismark that RBA’s figures reflect this as Australia has internationally low mortgage default and arrears. Rismark’s data indicates that at the end of 2003 after the last property boom, housing prices were approximately 4.2 times that of average disposable income. Their (Rismark’s) most recent report shows that in December 2008 the figures respectively were 3.7 times, and rose to 4.1 x by the end of the 3rd quarter in 2009.
Oasis Home Loans Northern Beaches saw these figures as an indication for people who were considering entering the housing market as a positive result, as the pricing of homes has not disproportionally increased compared to incomes.
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