CoreLogic Housing Affordability Report | Sydney

How unaffordable is the Sydney property market? 

As at June 2018, Sydney was the nation’s least affordable housing market across each of the three purchasing metrics and rental affordability was only marginally lower than the most unaffordableSydney Willoughby market, Hobart.

With recent declines in prices there has been a slight improvement on the price based metrics over the past quarter.

Over the past five years, median dwelling prices have increased by 51.0% compared to household incomes increasing by just 16.1%.

It has been a similar story over the past decade with median price growth (89.0%) more than double the household income growth (42.0%).

A3

A4

SA3 Region Dwelling price to income ratio Yrs to save a 20% deposit based on saving 15% of household income % of household income required to service an 80% LVR mortgage % of household income required to rent a home
Auburn 9.0 12.0 48.1% 33.9%
Bankstown 12.5 16.6 66.5% 36.6%
Baulkham Hills 10.7 14.3 57.0% 26.5%
Blacktown 8.4 11.2 44.8% 27.1%
Blacktown – North 7.5 10.0 40.0% 23.9%
Blue Mountains 8.6 11.4 45.6% 30.3%
Botany 10.7 14.2 56.8% 35.0%
Bringelly – Green Valley 8.3 11.0 44.0% 28.3%
Camden 6.7 9.0 36.0% 23.2%
Campbelltown (NSW) 8.1 10.9 43.4% 28.1%
Canada Bay 11.2 14.9 59.5% 31.9%
Canterbury 11.1 14.8 59.0% 34.3%
Carlingford 13.0 17.3 69.4% 31.9%
Chatswood – Lane Cove 11.4 15.2 60.9% 28.2%
Cronulla – Miranda – Caringbah 11.5 15.3 61.1% 29.7%
Dural – Wisemans Ferry 14.7 19.6 78.5% 29.8%
Eastern Suburbs – North 14.5 19.4 77.4% 32.4%
Eastern Suburbs – South 13.3 17.7 70.8% 34.0%
Fairfield 11.5 15.3 61.4% 35.4%
Gosford 10.1 13.4 53.7% 33.6%
Hawkesbury 8.9 11.9 47.6% 24.9%
Hornsby 9.8 13.0 52.1% 26.4%
Hurstville 11.6 15.5 61.9% 33.5%
Kogarah – Rockdale 9.7 12.9 51.6% 33.3%
Ku-ring-gai 13.7 18.3 73.2% 27.9%
Leichhardt 12.0 16.0 64.1% 31.1%
Liverpool 9.0 12.0 48.0% 29.5%
Manly 13.3 17.7 70.8% 30.3%
Marrickville – Sydenham – Petersham 11.5 15.4 61.6% 29.8%
Merrylands – Guildford 11.5 15.3 61.3% 35.8%
Mount Druitt 7.9 10.5 42.0% 27.1%
North Sydney – Mosman 10.7 14.2 57.0% 28.6%
Parramatta 7.1 9.5 38.0% 26.4%
Pennant Hills – Epping 12.5 16.6 66.5% 25.9%
Penrith 7.4 9.9 39.4% 24.6%
Pittwater 13.9 18.5 74.2% 34.8%
Richmond – Windsor 8.4 11.2 44.8% 29.1%
Rouse Hill – McGraths Hill 9.4 12.6 50.3% 26.1%
Ryde – Hunters Hill 12.2 16.3 65.2% 29.3%
St Marys 8.1 10.8 43.3% 26.6%
Strathfield – Burwood – Ashfield 9.1 12.2 48.7% 30.0%
Sutherland – Menai
Heathcote 9.1 12.2 48.8% 25.9%
Sydney Inner City 9.4 12.5 50.0% 34.4%
Warringah 11.7 15.6 62.5% 29.1%
Wollondilly 7.5 9.9 39.8% 23.9%

Regional NSW 
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With fairly rapid growth in median prices over recent years and minimal income growth, housing affordability has deteriorated over recent years across regional NSW.

Over the past quarter, median prices have begun to fall which is resulting in a slight improvement in affordability.

Over the five years to June 2018, median dwelling prices have increased at almost double the rate (32.4%) of household incomes (16.6%).

Over the decade to June 2018 median prices and household incomes have grown at a much closer pace of 51.5% and 41.1% respectively.

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A6

SA3 Region Dwelling price to
income ratio
Yrs to save a 20%
deposit based on
saving 15% of
household income
% of household
income required to
service an 80% LVR
mortgage
% of household
income required to
rent a home
Albury 4.7 6.3 25.0% 23.4%
Armidale 5.4 7.2 29.0% 27.8%
Bathurst 5.8 7.8 31.1% 25.1%
Bourke – Cobar –
Coonamble 2.7 3.6 14.2% 23.7%
Broken Hill and Far West 2.0 2.7 10.7% 24.9%
Clarence Valley 7.6 10.2 40.6% 41.7%
Coffs Harbour 8.2 11.0 43.9% 35.7%
Dapto – Port Kembla 9.3 12.5 49.8% 35.8%
Dubbo 5.0 6.6 26.5% 26.2%
Goulburn – Mulwaree 6.7 8.9 35.5% 28.9%
Great Lakes 9.9 13.2 52.7% 41.7%
Griffith – Murrumbidgee
(West) 3.9 5.3 21.0% 22.4%
Inverell – Tenterfield 5.0 6.6 26.6% 31.7%
Kempsey – Nambucca 7.6 10.1 40.3% 38.2%
Kiama – Shellharbour 9.1 12.1 48.5% 33.3%
Lachlan Valley 4.1 5.5 22.1% 23.9%
Lake Macquarie – East 8.4 11.2 44.6% 30.5%
Lake Macquarie – West 7.8 10.4 41.4% 30.2%
Lithgow – Mudgee 6.3 8.4 33.4% 29.8%
Lower Hunter 5.7 7.6 30.3% 26.8%
Lower Murray 3.4 4.6 18.2% 22.3%
Maitland 6.1 8.1 32.5% 26.4%
Moree – Narrabri 3.9 5.2 21.0% 25.2%
Newcastle 8.4 11.2 44.8% 30.6%
Orange 5.5 7.3 29.2% 25.1%
Port Macquarie 9.2 12.2 48.8% 37.0%
Port Stephens 8.2 11.0 43.9% 33.5%
Queanbeyan 5.4 7.2 28.7% 20.3%
Richmond Valley – Coastal  11.4  15.2  60.9%  46.6%
Richmond Valley – Hinterland 6.7 8.9 35.8% 34.4%
Shoalhaven 10.4 13.8 55.4% 39.2%
Snowy Mountains 4.6 6.2 24.8% 22.7%
South Coast 8.7 11.5 46.2% 38.6%
Southern Highlands 11.2 14.9 59.7% 37.7%
Tamworth – Gunnedah 5.2 7.0 27.8% 26.3%
Taree – Gloucester 8.0 10.7 42.9% 36.5%
Tumut – Tumbarumba 3.8 5.1 20.5% 24.3%
Tweed Valley 9.6 12.8 51.3% 43.7%
Upper Hunter 4.7 6.2 24.9% 23.9%
Upper Murray exc.
Albury 4.5 5.9 23.8% 23.2%
Wagga Wagga 4.5 6.0 24.0% 24.2%
Wollongong 10.4 13.8 55.3% 32.5%
Young – Yass 5.2 7.0 28.0% 20.5%
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About

Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit www.corelogic.com.au


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