Probably the hottest topic in property at the moment is – affordability. It’s everywhere, on the radio, the TV, Facebook and even news sites. But above all of that we’re constantly hearing about Sydney’s extreme house prices almost daily and how it’s getting harder and harder and almost impossible for anyone let alone first home buyer to buy a house. You’d have to travel at least an hour outside of Sydney to even scratch the surface.
But how does Brisbane’s affordability compare to our southern friend?
The graph below shows the major Local Government Areas of South East Queensland’s median house prices versus their average house hold incomes compared to Greater Sydney and Melbourne’s median house prices and average house hold incomes.
Currently Greater Sydney’s median house price is an eye-watering $1,012,368 – which is 88% more expensive than Greater Brisbane, which is sitting at just $537,647.
What’s more is that the average household in Greater Sydney has an income of about $91,000, or just 9% of their median house price.
However, Greater Brisbane’s average household income is $81,224 which is only about $10,000 less than Sydney’s – but their house prices are almost double ours!
It’s no wonder we’re seeing such a boom in interstate migration coming up from New South Wales – our level of affordability is incredible compared to theirs.
But where in Greater Brisbane offers the best affordability?
It has to be Ipswich. With a median house price of just $350,000 and an average household income of $73,320, it offers residents the most affordable housing opportunities in all of South East Queensland.
Sources: ABS and CoreLogic, 2018.