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Perth Rents About to Take Off; The Trap for those Waiting is Set
Topic Started: 9 Dec 2016, 09:20 AM (1,675 Views)
Black Panther
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Perth property becomes less affordable

Shane Wright, PerthNow
December 7, 2016 10:32am

FIRST home buyers are being knocked out of the Perth property market as it becomes even less affordable, despite house prices leveling out.

In a sign that prospective buyers are facing the same problems confronting people in Sydney and Melbourne, the Real Estate Institute’s latest measure of housing affordability has delivered a wake-up call about Perth.

Through the September quarter unaffordability increased by 0.2 percentage points.

It was due to a combination of a lift in average monthly loan repayments which was larger than the $5 a week increase in median family incomes for Perth residents.

According to the institute, a Perth home buyer will spend 22.8 per cent of their family income to meet average loan repayments.

It’s a much different story for those looking to rent where affordability is continuing to dramatically improve.

The sharp drop in rents across the city means a person looking for a property will outlay about 19.2 per cent of their family income. A year ago it was 21.5 per cent.

First time buyers are being knocked out of the market.

There were just 3760 first time buyers in the September quarter, a 15.6 per cent drop on the same time last year and the biggest annual fall in the nation.

Despite that drop, first time buyers are still making up 20 per cent of the overall market.

Nationally, low official interest rates are not helping affordability issues because of soaring prices in Australia’s two largest cities.

In NSW, a person looking to buy needs to outlay 35.5 per cent of their family income to meet a median mortgage. In Victoria it is 30.9 per cent.

Adelaide Bank general manager Damian Percy said the collapse in first time buyers across the nation was worrying.

“The number of Australian first home buyers decreased by 6.7 per cent during the quarter, to 21,825 – a decline of 5.8 per cent compared to the September quarter 2015 and the lowest figure recorded since ABS records began,” he said.

“ To give this some sense of perspective, the number of first home buyers for the quarter has dwindled to a figure now equivalent to the number of lions believed to be left in the wild.”

http://www.perthnow.com.au/news/western-australia/perth-property-becomes-less-affordable/news-story/24ff33151de6240fe8c4035bff1396f4
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Terry
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Black Panther
9 Dec 2016, 09:20 AM
Perth property becomes less affordable

Shane Wright, PerthNow
December 7, 2016 10:32am

FIRST home buyers are being knocked out of the Perth property market as it becomes even less affordable, despite house prices leveling out.

In a sign that prospective buyers are facing the same problems confronting people in Sydney and Melbourne, the Real Estate Institute’s latest measure of housing affordability has delivered a wake-up call about Perth.

Through the September quarter unaffordability increased by 0.2 percentage points.

It was due to a combination of a lift in average monthly loan repayments which was larger than the $5 a week increase in median family incomes for Perth residents.

According to the institute, a Perth home buyer will spend 22.8 per cent of their family income to meet average loan repayments.

It’s a much different story for those looking to rent where affordability is continuing to dramatically improve.

The sharp drop in rents across the city means a person looking for a property will outlay about 19.2 per cent of their family income. A year ago it was 21.5 per cent.

First time buyers are being knocked out of the market.

There were just 3760 first time buyers in the September quarter, a 15.6 per cent drop on the same time last year and the biggest annual fall in the nation.

Despite that drop, first time buyers are still making up 20 per cent of the overall market.

Nationally, low official interest rates are not helping affordability issues because of soaring prices in Australia’s two largest cities.

In NSW, a person looking to buy needs to outlay 35.5 per cent of their family income to meet a median mortgage. In Victoria it is 30.9 per cent.

Adelaide Bank general manager Damian Percy said the collapse in first time buyers across the nation was worrying.

“The number of Australian first home buyers decreased by 6.7 per cent during the quarter, to 21,825 – a decline of 5.8 per cent compared to the September quarter 2015 and the lowest figure recorded since ABS records began,” he said.

“ To give this some sense of perspective, the number of first home buyers for the quarter has dwindled to a figure now equivalent to the number of lions believed to be left in the wild.”

http://www.perthnow.com.au/news/western-australia/perth-property-becomes-less-affordable/news-story/24ff33151de6240fe8c4035bff1396f4
Heavens. The suburbanites are taking more kicks while spreadeagled on the footpath. Perth needs a bona fide superhero to fight for the average man.
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skamy
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Terry
9 Dec 2016, 12:28 PM
Heavens. The suburbanites are taking more kicks while spreadeagled on the footpath. Perth needs a bona fide superhero to fight for the average man.
You never learn do you - you missed out on the massive growth opportunities in Sydney and Melbourne because you thought you knew better than everyone else. Now you sneer at the same opportunities that are there in WA, QLD and SA. All these States drive the national economy especially WA and our exports are doing well if you have not noticed.

All the big miners are back talking about big spending, yet Terry still quakes in fear that he believes that even a market that has been stagnant for a decade is just about to have a huge crash.

Your powers of induction are very limited Terry, you will be crying again over spilled milk in a couple of years.
Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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GloomBoomDoom
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I need a job where I earn a 'family' income.
MSE
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Terry
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skamy
9 Dec 2016, 12:45 PM
You never learn do you - you missed out on the massive growth opportunities in Sydney and Melbourne because you thought you knew better than everyone else. Now you sneer at the same opportunities that are there in WA, QLD and SA. All these States drive the national economy especially WA and our exports are doing well if you have not noticed.

All the big miners are back talking about big spending, yet Terry still quakes in fear that he believes that even a market that has been stagnant for a decade is just about to have a huge crash.

Your powers of induction are very limited Terry, you will be crying again over spilled milk in a couple of years.
Not about me Roddy. It's about the spreadeagled suburbanites all battered and bruised. Puppeteer needs to read the article before baiting its traps and launching into a repertoire.
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deluded
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Is this another buy now or miss out forever article?
Real Trump News -- Real Climate Science News -- Real Democrat Party News
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Jon Snow
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deluded
9 Dec 2016, 05:59 PM
Is this another buy now or miss out forever article?
There has never been a worse time to sell.
Speak when you are angry and you will make the best speech you will ever regret.
Ambrose Bierce
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conork
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Black panther your headline is misleading.

Who what or where does it say rents are rising? All I read is affordability for renters is improving.

Embarrassing really.

The housing affordability refers to people that own as their mortgages increase.
Edited by conork, 9 Dec 2016, 07:56 PM.
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Foxy
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Zero is coming...

Black Panther
9 Dec 2016, 09:20 AM
Perth property becomes less affordable

Shane Wright, PerthNow
December 7, 2016 10:32am

FIRST home buyers are being knocked out of the Perth property market as it becomes even less affordable, despite house prices leveling out.

In a sign that prospective buyers are facing the same problems confronting people in Sydney and Melbourne, the Real Estate Institute’s latest measure of housing affordability has delivered a wake-up call about Perth.

Through the September quarter unaffordability increased by 0.2 percentage points.

It was due to a combination of a lift in average monthly loan repayments which was larger than the $5 a week increase in median family incomes for Perth residents.

According to the institute, a Perth home buyer will spend 22.8 per cent of their family income to meet average loan repayments.

It’s a much different story for those looking to rent where affordability is continuing to dramatically improve.

The sharp drop in rents across the city means a person looking for a property will outlay about 19.2 per cent of their family income. A year ago it was 21.5 per cent.

First time buyers are being knocked out of the market.

There were just 3760 first time buyers in the September quarter, a 15.6 per cent drop on the same time last year and the biggest annual fall in the nation.

Despite that drop, first time buyers are still making up 20 per cent of the overall market.

Nationally, low official interest rates are not helping affordability issues because of soaring prices in Australia’s two largest cities.

In NSW, a person looking to buy needs to outlay 35.5 per cent of their family income to meet a median mortgage. In Victoria it is 30.9 per cent.

Adelaide Bank general manager Damian Percy said the collapse in first time buyers across the nation was worrying.

“The number of Australian first home buyers decreased by 6.7 per cent during the quarter, to 21,825 – a decline of 5.8 per cent compared to the September quarter 2015 and the lowest figure recorded since ABS records began,” he said.

“ To give this some sense of perspective, the number of first home buyers for the quarter has dwindled to a figure now equivalent to the number of lions believed to be left in the wild.”

http://www.perthnow.com.au/news/western-australia/perth-property-becomes-less-affordable/news-story/24ff33151de6240fe8c4035bff1396f4
Soon it will be impossible for anyone to afford a house :D :D :D

Even home owners will not be able to afford a house.

So get in now or be locked out forever....
http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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Terry
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foxbat
9 Dec 2016, 08:36 PM
Soon it will be impossible for anyone to afford a house :D :D :D

Even home owners will not be able to afford a house.

So get in now or be locked out forever....
Well expressed Foxy. The religiosity of it all is all-encompassing.
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