Housing affordability is at its worst level in 30 years, according to PropTrack data published on realestate.com.au.
“This deterioration in affordability has been driven by a dramatic rise in mortgage rates, combined with rising home prices over recent years,” it reports.
“At the same time, sharply higher price growth throughout the pandemic has meant housing accessibility — how long it takes new buyers to save a deposit — remains incredibly challenging.”
Sigh.
But in some good news, Queensland is one of the more affordable states, sitting behind Western Australia.
And in some better news, particularly for first home buyers, there are government schemes that can help you jump the affordability hurdle.
Domain recently explored the First Home Guarantee, which allows eligible buyers to purchase a home with a 5 per cent deposit without paying lenders mortgage insurance. Price caps for the scheme in Brisbane top out at $700,000. That might rule out some suburbs for houses, but you’re spoiled for choice if you consider a unit.
In Brisbane there are 66 suburbs where apartment prices fall within the scheme price caps. For a 5 per cent deposit of $35,000 or less, you could buy an apartment of your own including in inner city locations, blue chip burbs and in popular northside hot spots like Chermside.
Ready to buy? View our current listings for sale.
Not yet? Check our listings for rent.