Housing Affordability in your area?? [Archive] - Bub Hub Pregnancy & Parenting Forum

missie_mack

13-11-2007, 13:21

Two fold question

With all the talk during the election about housing affordability I am curious to know what is roughly the going price for a basic house in a reasonable area for the city you live in?? And would this be attainable for your family on a single income or would you need to return to work??

AND

If you could not afford to buy a house what does it cost roughly to rent a reasonable house in your area??

Can we also include what cities and state these are in......

I think some people would be suprised at the varying cost of houses state to state

punkbaby

13-11-2007, 13:24

you can get a house here from 90k (2bedroom) 3 bedrooms are around the 130k mark up too 300k but the medium is more around 160k alas the reason we moved and bought here! In moorabbin it would have cost us 400k at the least to get a 3 bedroom dump we got a 4bd house here with a study thats really nice (just needs a coat of paint) for 130k, its affordable for us on one income as i am the only one working.

Rent around here on average is 150 a week, 3 bedroom house, you can get cheaper and you can get more expensive like anywhere though really

kiwibird27

13-11-2007, 13:25

christen

13-11-2007, 13:28

we live in SE melbourne Vic. There no way we could afford to buy a house in the suburb we live in, even if i went back to work. We would be able to make the mortgage repayments, but we wouldnt have much money left at the end of the week/month. We pay $250 a week rent for a small 3 bedroom stand alone house, but buying prices for a decent house here range from about $480,000 to more than $1 mil.

reAllytee

13-11-2007, 13:35

Im not too sure about rentals in our area i dont really take notice :o

We bought this place for $260,000 3br townhouse South West Sydney & its now worth around $240,000 even after the renovations as the market has dropped. Most 3br homes around here are worth anywhere upwards of $300,000 depending on what you are after. Townhouses & villas are available for a lot less. We are approx an hour from the city.

I think there are still many affordable homes around its just we dont want to lower our standards as a society anymore we all want the biggest & best houses even though we cant afford them !

Our parents never started out the way we do nowadays !

Our house was very reasonable & very affordable on one income. We moved to this area knowing no-one let alone the area because of this. It was the best start we could give ourselves. Not many are willing to do this & this is where part of the problem lies.

Shame that my DP got injured at work was then fired & we werent entitled to anything in regards to helping us financially so its become a struggle for us but in time it will get better.

punkbaby

13-11-2007, 13:37

Our house was very reasonable & very affordable on one income. We moved to this area knowing no-one let alone the area because of this. It was the best start we could give ourselves. Not many are willing to do this & this is where part of the problem lies.

This is what we did we are two hours one way and four the other away from anyone we know still yet to meet anyone here but it was a sacrifice to get into our own house! I would rather the security :)

missie_mack

13-11-2007, 13:40

I spose I should answer myself...
My hometown/suburb is about 1.5 hours out of Sydney if you drive. Houses start here bottom of the market $380k (as of whats on market today) for a 3 bedroom house. Move a couple of suburbs across and you are looking at around $250k to buy a ex department of housing fibro 'cottage' (as they call them) in a DOH estate (which is IMO less desirable)

To rent- you would be looking at $300 a week minimum IF you can get the cheaper 3 bedroom houses.

~Bec~

13-11-2007, 13:41

This is a topic dear to my heart as dh and I spent 7 months looking for an affordable house.

We live in south west Brisbane. The cheapest house in the suberb advertised at the moment is 2 bedroom and $320k. It is also being referred to as a "renovators delight" which is a euphemism for semi derelict. An average house would be around the $450k mark. The suberb is about 25 mins from the city and is one of the cheapest on this side of town.

We bought our house last year (first house) $300k and our repayments started at around $480/week, however with interest rate raises are now around $530/week.

I work in the City (when I was working) so we needed something reasonably close. You can get cheaper houses, however, you have to either more to a less-desirable suberb or further out into the sticks and spend more money on commuting.

I don't know what an average income is for this area, however, our repayments take about 60% of our current income (one income).

lotti

13-11-2007, 13:41

I am about 25 kms north of Melbourne.

I think a two bedroom unit would be about 250,000.00 and a 3 bedroom house about 330,000.00.

That would be for a nice, ready to move in.

lots of house and land packages up this way that you can get a better deal with though.

SassyMummy

13-11-2007, 13:43

I live in Kangaroo Point, which is quite close to the Brisbane CBD.

Our rent is $240 per week... for a TINY (and I really mean TINY) 2-bedroom unit. There's barely room to move here... we have to squeeze past hte furniture... and there isn't even much furniture in here!

You'll be looking at $350-$450 a week for most places around here... or even more. Depends on where exactly in Kangaroo Point you live though... it's weird because you'll have a piece of junk unit that's falling apart right next to some lavish beautiful home... there's just a big mixture here.

~Bec~

13-11-2007, 13:45

I live in Kangaroo Point, which is quite close to the Brisbane CBD.
Our rent is $240 per week...
You rent in Kangaroo Point for $240/week! It must be tiny! The first place I rented in Spring Hill was 10 years ago for $200/week and it was a match box.

PunkyDiva

13-11-2007, 13:48

We are about 1.5 hrs S/E of Melbourne on Mornington Peninsula in an old fishing town that has started to boom, with fair transport services, good motorway access and infrastructure, still close to the big smoke should one need/desire it.
No big fences, guard dogs and security alarms here but good old fashioned neighbourhoods with police presence & local involvement so you know your kids will be brought home if they muck up.

Brand new & second hand 3 bed 1 bath homes aroung $180K - $300K for slightly larger, on average blocks. Land from $130K for house block but with small farm allotments around $300K.

We pay $255 per week for huge 5 bed 2 bath although rents have gone up and they are more like $280 now (we have great landlord).

Mortgage repayments on $300K would be over $500 per week plus the extras, so we figure we are better off with savings at the moment.

LovelyRita

13-11-2007, 13:48

House prices have over doubled in our area in the last 5 years. If we were new to the area we couldn't afford it at all.

13-11-2007, 13:56

Well i think houses around here are about $400,000 that's for a new house though in a nice area about 30mins north of Brissy. Shopping is very close and new schools around aswell. We bought this land last year and the house was finished being built this year and we paid only $317,000 for a new 4 bdrm house.

I think our mortgage takes about 60% of our income, haven't worked it out yet. But neither of us work at the moment, so we are very lucky. I hope to be able to work eventually when the kids are at school and DH can be left at home by himself. I know we have bought well though as we've made a fair bit of equity already in the short time we've been here.

Noah_and_Elijah

13-11-2007, 14:01

For the suburb that I currently live in to BUY an average 4 bedroom, 2 bathroom home with a double garage and pool you would be looking at an average of $700,000.

To rent the same type of house would be an average of $550 - $600 per week.

MariaO

13-11-2007, 14:07

Around here a two bed house sells for 550-700k. A three bedroom from 750-950k+ as far as I can see.

Rentals for 3 bedroom houses start from around 450 or 500 dollars a week.

SassyMummy

13-11-2007, 14:09

You rent in Kangaroo Point for $240/week! It must be tiny! The first place I rented in Spring Hill was 10 years ago for $200/week and it was a match box.

Oh yes, it is!

Like I said, you can't even move without having to squash past furniture. There's a TINY kitchen, a TINY loungeroom, a TINY bathroom with only a shower, toilet and basin, and 2 bedrooms (the bedrooms are decent in size at least). There's not even a hallway... it's just THAT TINY. :p

It's the first time I've lived out of home though, so it's okay for me...

QTB

13-11-2007, 14:15

we pay 330 a week for a medium sized 3 br house...

to buy a 3br house is $385000 - 500000

in otherwords out of our price range on one income...

but we are buying at the moment and are looking at $290000 max in another area...

mmalt

13-11-2007, 14:17

Gee, how interesting reading about the prices around the place.

Well, I live in Mandurah which is 72km South of Perth WA. We are practically a suburb of Perth itself now with a freeway extending all the way from Perth to Mand and now the train line which opens in December (hopefully, long drawn out project that's been!)

To buy now a decent 4bdrm 2bath in our Suburb, you are looking at around and at least $550k, and that is nearly towards the 'affordable' house to live in our suburb. We bought our house 3 and a bit years ago and have over doubled the value of it now! We have since painted, put a pool in and redone the fascia of the kitchen which has helped in the value. The house next door which isn't as big as ours nor does it have a pool is currently on the market for $660k and one across the road which is smaller but has the pool is on the market for $649k.

To rent a nice house hear you are looking now from $300pw and upwards. It's just quite rediculous how much the market has gone up in the past few years. We are really lucky that we bought when we did as we have a relatively low mortgage and we pay about 35% of our income (single income) whereis if we were to take out enough money now we would be paying around 70% of our income! We like the lifestyle that we can carry on with now with the repayments only taking up a small amount of our wage, it allows us to go on holidays and save money etc!!

I feel very deeply for the young ones and the first timers trying to set themselves up now! It's an extremely hard market to get into let alone rent and save for a deposit alone!!

Oh Punkydiva, I love the area you live in! I'm from Melbourne originally, in Chelsea in which you need like at least $600k to buy a 3bdr cottage these days!! but we always come down the Mornington Penninsula way for drives when we are there for holidays!! I think that you should consider yourself lucky that you are there in the market already, that is going to sky rocket within 10yrs or so!!!

13-11-2007, 14:20

We live in Nowra, NSW.

Average house price for a 3 bedroom home here varies between $190K and $360K depending on the suburb. You would be surprised at the prices in some of the nicer areas as they can be pretty affordable.

We rent a 4 bedroom house with a � acre section, 2 bathrooms and large living areas (not flash though) for $235 a week. It was pricey when we moved in nearly 2 years ago and is now considered pretty cheap.

There is no way that we could afford to buy a house without me going to work, but then again, we struggle to bring in $28K a year in wages even though DH works 6 days a week - regularly over 56 hours.

bel_aiden

13-11-2007, 14:21

mmalt

13-11-2007, 14:24

There is no way that we could afford to buy a house without me going to work, but then again, we struggle to bring in $28K a year in wages even though DH works 6 days a week - regularly over 56 hours.

Whoa, I find that quite depressing that your DH works so much and doesn't get what's deserved in return!! The mining over here in WA is booming and young 'kids' as I say are earning in excess of $90k per year working 2wks on and 1 wk off!! Is it possible for your DH to find a better paying job?? He's obviously a great worker and works hard!! Sorry, I just don't know how you do it?

mmalt

13-11-2007, 14:28

in my suburb you would be very lucky to get anything under 400k. we've just put our house on the market at 500k, theres very little in the 450-500k price range most are well above 500k, but when you wana live central to everything, you just have to pay it. rent too is around 350-500 a week.

we bought whilst on 2 incomes, and its a struggle, but possible on 1 income.

were selling up to move back to vic and wil be buying an affordable house so we dont have to stress about any rate rises to come in the future. even if that means only spending 250k on a house.

Since taking out our mortgage, we have had 5 interest rate rises so thank goodness we have a relatively low mortgage!!

The economy is just so strong at the moment but I think that I'm feeling more of a pinch on the raising fuel prices too!! I'm spending at least an extra $30-$40 a week on petrol in the past 12 months!! Can't stand it!! Oh well, I do say to others, don't drive then!! Lucky we have the little bit extra to do so but those who don't what do they do?? Such a touchy subject isn't it? I don't think that either government running next week is going to do a damn thing about it either!! I think that it's a bit out of their power at this point. Another interest rate rise possibly next month too??? ARARrrrrrggghhhhh.............Can't they wait til after XMAS???? LOL:rolleyes::rolleyes::rolleyes::rolleyes:

Pippi Longstocking

13-11-2007, 14:33

I live about 3 hours from Brisbane. The nearest big town is nearly an hour's drive away so it's fairly isolated but houses are still expensive. I just checked on realestate,com and the average price is around $400k for a normal 3 b'room house. The house we live in is for sale currently but we'd have no hope of ever being able to afford it. Average rent around here is $250 per week for a normal family home, nothing fancy. The prices have increased hugely since we have been here - and it hasn't even been a year yet!!

missie_mack

13-11-2007, 14:33

We live in Nowra, NSW.
Average house price for a 3 bedroom home here varies between $190K and $360K depending on the suburb. You would be surprised at the prices in some of the nicer areas as they can be pretty affordable.

I hear you Elias. My DH grew up down there and while the houses start cheaper it has really high unemployment and the jobs going dont pay as well unless you work for the Navy. When we were married we considered it as he was already working down there and had a job but I couldnt find a job and to travel to my current job wouldve taken nearly 1.5 hours with traffic and the foxground area. Imagine the petrol bill!!

No wonder people never seem to get ahead in these areas :no:

sockstealingpoltergeist

13-11-2007, 14:42

We live just near charmside in Brisbane's. We bought just before the boom and we only paid $150, 000. We are soo lucky as we can afford the repayments on one wage, my husband has a well paying job and even if we had to pay a bit more we could still do it. However most houses around here go for $450,000 now and up- that is just for you basic wooden three bedroom house to! The average wage isn't enough to pay the moragage or rent on these palces I'm afraid.

Chickadee

13-11-2007, 14:54

realestate.com.au suburb report for mine:

Households in ***** are primarily couples with children and are likely to be repaying between $600.00 - $800.00 per month on mortgage repayments. In 2001, 59% of the homes in ***** were owner-occupied compared with 60% in 2006.

Currently (sept 07) the median sale price of houses in the area is $357,500.

I actually think that mortgage repayment estimate is low and deceptive. When I use the repayment calculate for a $350,000 loan I get repayments of $2300 a month (7.5% interest, 25 years). I could afford $800 a month, but not $2300. That's twice what we pay for rent!

~Bec~

13-11-2007, 15:31

realestate.com.au suburb report for mine:

I actually think that mortgage repayment estimate is low and deceptive. When I use the repayment calculate for a $350,000 loan I get repayments of $2300 a month (7.5% interest, 25 years). I could afford $800 a month, but not $2300. That's twice what we pay for rent!

I think the suburb profiles you can get on realestate.com.au are out of date. It lists $375k as the average house price in my suburb, however, out of 40 houses currently being advertised only 10 are this price or under.

andie_pandie

13-11-2007, 16:46

Close Chickadee, Interest and Principle repayments on the scenario below = $2586 per month unless you meant Interest Only then this is approx $2300 per mth depending on the days in the month.

realestate.com.au suburb report for mine:

I actually think that mortgage repayment estimate is low and deceptive. When I use the repayment calculate for a $350,000 loan I get repayments of $2300 a month (7.5% interest, 25 years). I could afford $800 a month, but not $2300. That's twice what we pay for rent!

Housing affordability is definately becoming very difficult particularly for first home buyers and the higher the rates go the worse it is going to become. Every time there is a rate increase then the borrowing capacity is lowered as the banks work on a higher assessment rate to make sure that if the rates continued to increase then the client will be able to maintain their mortgage.

It is a two pronged sword at the moment as the houses are still going up in value in most areas some higher of course than others.

All I can suggest for people out there with mortgages at the moment please go through and do up a budget and try to stick to it. Look at options available to you ie fixing if you can not maintain any more rises etc or looking around for a better rate.

I am worried that people are going to be forced to sell when it gets all too much. Also if you are in the market for a property please only borrow what you can afford, my first 3 homes were all around $100,000 and it took me several years to have the lovely home that I have now. Baby steps are the best steps to take, then when circumstances change then you can upgrade.

~Bec~

13-11-2007, 19:48

andie_pandie - I agree with everything your saying, hey, you're the expert around here :D , however, even the lowest end of the market in many places is still out of reach for many.

andie_pandie

13-11-2007, 20:05

andie_pandie - I agree with everything your saying, hey, you're the expert around here :D , however, even the lowest end of the market in many places is still out of reach for many.

Totally agree, I have clients looking in the cheapest areas around Brissie and even these are now $250-$300K and you do not get much for your money for that.

I just wish it would settle down for a bit for people getting into the market. The interest rates are really not to bad compared to times gone by it is just the cost of these homes in comparison to the rates that is affecting people.

So many factors, such as spending (lol make things for Xmas) Unemployment, CPI etc are causing these rates to rise. Mind you I bought a car myself yesterday (sorry shoot the messenger), and my DH crashed our other car tonight into a fence (I am still angry) hence more money out the door. GRRR

I think the next few months will be a tail tail sign of things to come. So glad you managed to buy a home Bec and in a good suburb to.

missie_mack

13-11-2007, 20:06

even the lowest end of the market in many places is still out of reach for many.

I agree!! In the cheaper areas it seems jobs are scarce and tend to be lower paid. I also tend to have a problem with what they tell everyone is the average wage. Being a average wage doesnt mean it is the wage that the average person earns :no:

~Emmylou~

13-11-2007, 20:49

Phyllis Stein

14-11-2007, 09:03

Average house is about half a MILLION around where I live :banghead:

We're currently paying $360 a week to rent a three bedroom house.

Pretty much given up on buying for now, we're putting our savings elsewhere. The housing market is a joke.

^^ What she said.

We're in inner-suburban Brisbane.
Next door, a 3 brm QLDer sold for $750k (nothing special), on the other side, a similar house was valued at over $800k, again, nothing special. Our house is falling apart at the seams - guessing it would sell in the $5-600k bracket?
We do virtually all the repairs, because last time we "troubled" the RE with something, which they reluctantly fixed, the rent went up another $20 p/w straight after "to cover the costs". :rolleyes: Rent goes up every 6 months regardless, & we've been told by the RE how "reasonable" the landlord is being in not raising it by more than that. We'll be priced out of here within a year if it continues.

We've been saving the difference between our rent & what a mortgage would cost, which isn't really much, & have a reasonable deposit. However, the only suburbs in Brisbane we could get into as first home buyers on one income, are truly awful & so far away, it'd cost a fortune to commute. I can't see us making anything on a house in those areas anyway, as the housing prices are hugely over-inflated there too - it'd be naive to think of it as a "stepping stone" to greater things when you'd still be paying $300k+ for a 2brm fibro 'renovator' in a suburb racked by crime & poverty, with government's none-too-keen to invest in renewal.

We're looking to regional areas instead, but finding work's the problem, plus we'd be moving away from all our friends/ family/ community, & I really worry about how I'd cope with a new baby without that support. Yes, we're between a rock & a hard place.

naiwen

14-11-2007, 12:51

We bought in South West Brisbane 18months ago for $200K. A 3 Bedroom semi with a pool in the complex. We have a very fashionable area on one side and a awfull area on the other so we are in the middle ground so to speak. It is a newer and therefore less fashionable area of Brissy however but the advantages of that are we have plenty of daycare centre places if we need them and no developers are buying blocks and putting up unit blocks on them (yet). In 18 months it has gone up to $250K which is still not that bad IMO as we have access to train,bus and road links to the City and the Gold coast :yes:.
When we were house hunting though we looked in more fashinable areas with trendy cafes etc and they were asking $300k for a 2bed unit which I think is crazy but I guess some people are prepared to pay that to be in a certain area. I think if you are prepared to look outside of your comfort zone you can still find reasonably priced houses but I think a lot of people are too hung up on the status of certain suburbs JMO.
To rent a 3 bed semi in ou area would be approx $230pw and for us to buy a 4 bed detached which would be the next step for us would be $450k approx.

maiko

14-11-2007, 13:40

Here's my suburb report, we're in the Perth suburbs, about 25 mins from the city:

Households in Canning Vale are primarily couples with children and are likely to be repaying between $1000.00 - $1200.00 per month on mortgage repayments. In general, people in Canning Vale work in a professional occupation. In 2001, 88% of the homes in Canning Vale were owner-occupied compared with 85% in 2006.
Currently the median sale price of houses in the area is $500,000.

Susan Mac

14-11-2007, 14:46

I'm in Townsville, QLD. I think the median house price here is about 290K. For my suburb, it's about 350k average, and I live in an average suburb I suppose. It's a fast growing suburb on the west side of town. My house is about average.
A lot of North QLD towns are overvalued because of the mining boom.

forbetoel

14-11-2007, 16:13

I think you would need to spend about 300,000 for a decent house here, and about $4-500,000 for a really nice one. We are about 45 minutes out of Melbourne in a great area where there a lots of young families. Even though we are a lot cheaper than Melbourne, you still need a huge deposit, to not have a huge mortgage.

Odessa

14-11-2007, 17:49

I live in the Northern Districts of Sydney, in John Howard's electorate of Bennelong. We pay $380 a week for a pokey 3 br house, not at all flash, and you cannot get much cheaper. Houses in this area start at around $800k for something ordinary. Apartments are between $300k-$400k for a small place in an older building, or approx $300 a week for renters. Not cheap at all. We could buy here if we won Lotto, but that's about it.

SassyMummy

15-11-2007, 13:33

missie_mack

15-11-2007, 13:48

Some house owners are lovely... my mother's rent has increased a measly TEN DOLLARS since she moved in 7 years ago. It's gone from $130 a week, to $140. It's in Ipswich, which is about 1/2 hour drive to Brisbane (not during peak hour!)... and it's an alright place. Small-ish, but 2 large bedrooms, 1 small bedroom... decent sized living areas/kitchen/etc.

Real estates have a lot to answer with these. We use to rent out a family home via real estate agents- several over the years and they all would write or ring me asking us to put the rent up every couple of months. If I had done it everytime they suggested the tenants would have been paying an extra $70 a week total on what I felt it was worth.

I had a look in the window out here in Mildura (where we temporarily live and dont call home) and cheap cheap houses start at around $180k on big blocks of land but not the best part of town (obviously) rent here is anywhere from $150 a week to around $300. You can build a brand new 4 bedroom house for around $280k

However I would never find work out here and the wages are generally low. Lots of hospitality casual jobs (restaurants are big business around here and there are lots) and fruit pickers mostly (which brings lots of backpackers) Oh unless you have the $$$ to buy a vineyard and open your own winery :p Not to mention your bills are massive boiling hot in summer and freezing in Winter. Life is cheaper on the coast where we normally live even though the houses are double the price at the end of the year we are slightly worse off for being here :thumbsdown:

Baldie's Mum

15-11-2007, 14:25

Sydney is a nightmare at the moment, we have been looking for 6 months for a place to rent...it's nearly impossible, so South West Sydney, Revesby, Panania area 3 bdrm house, tidy but in no ways updated, no air con, looking at $300 - $350 a week

New 3 bdrm apartment with air approx the same price

Up to 15 families turn up to one inspection for a rental...It's a nightmare!!!!!

oh i totally agree!!! we live in Milperra.....at our rental inspection we had 10 other couples.....2.5 bedrooms original condition quite small........asking price $325 and we were desperate for a house so we offered them $350!!!! we got it...... but WHAT A RIP OFF!!!! i dont complain though because its a roof over our heads and we can afford it so......whatever!

to buy median price is around $450,000 for a brick 3 beda!!!!

mum_I'm_hungry

15-11-2007, 14:49

We're in the same south-west area a couple people have been talking about here and it's going insane. What we would like to buy would easily cost around $700,000 (a nice family home, but nothing super flash). We rent because we choose to and invest in the stockmarket instead (with a margin loan). We're so much better off that way. I don't think a lot of Aussies realise that in many other countries, owning your home is a rarity and that renting is the norm. We have a much nicer house than we could afford to comfortably buy and in the meantime can save to buy our own home eventually without paying the bank huge interest. I just don't get that whole rent money is dead money argument. What is money you pay in interest to the bank if it's not dead money? It's far, far more than what you would be paying in rent. We'd love to own our own home, but have realised that owning is an emotional decision rather than a strategic decision for us.

Silvana

15-11-2007, 15:46

The reason I bought a home, is that I plan to own it and have it payed off before I retire. Sorry, but there is no way I will be spending super on rent.

I live in Mackay and because of the mining boom the average house is around $400K. This will buy you an average 3 bedroom brick home. Other suberbs are dearer. The houses that I dream about and hopefully be able to afford one day are around $600 000 (we are talking 4-6 bedroom, pool, all mod cons, relatively new, big shed etc).

The richer the area (in jobs and money), is usually what determines the pricing for house and land. I used to live in Ipswich, Qld. We bought in 2002 for $105k (a post-war, ex housing commission, rendered 3 bedroom house) and sold for $185 last year in June. Probably be worth more now.

In regards to real estate agents, they make more money when more rent is charged don't they?