A widely accepted measure of affordable housing says that if your rent costs less than 30 per cent of your gross income, or a third of your working week, you’re doing OK.
Comparing ABS data on average full-time earnings with RP Data figures on median rents shows how many hours on average it takes for a full-time worker to make their rent in each state.
Joel Pringle, campaign manager at Australians for Affordable Housing, says rent is much less affordable in the Northern Territory compared to other states because of the mining boom.
“Because the population and the existing housing stock is so low [the rise in the number of people living in the state] has pushed up the prices,” he said.
“And it’s such a small territory, such small population, that any swing really shows up,” he said.
Mr Pringle added that high unemployment rates in Tasmania and South Australia meant that those who were employed were in a much better position to afford housing.
Median house rent: $590 (takes 16.6 hours to earn)
Median unit rent: $460 (takes 13 hours to earn)
Average weekly salary: $1417.4 ($35.44 per hour)
House rent $510 (takes 12.4 hours to earn)
Unit rent: $430 (takes 10.5 hours to earn)
Average weekly salary: $1645.1 ($41.13 per hour)
House rent: $410 (takes 11.7 hours to earn)
Unit rent: $430 (takes 12.29 hours to earn)
Average weekly salary: $1398.90 ($34.97 per hour)
House rent: $385 (takes 11.2 hours to earn)
Unit rent: $350 (takes 10.2 hours to earn)
Average weekly salary: $1370 ($34.25 per hour)
House rent: $420 (takes 10.7 hours to earn)
Unit rent: $420 (takes 10.7 hours to earn)
Average weekly salary: $1590.6 ($39.77 per hour)
House rent: $340 (takes 10.2 hours to earn)
Unit rent: $340 (takes 10.2 hours to earn)
Average weekly salary: $1331 ($33.28 per hour)
House rent: $320 (takes 10 hours to earn)
Unit rent: $280 (takes 8.8 hours to earn)
Average weekly salary: $1276 ($31.90 per hour)
House rent: $280 (takes 9.1 hours to earn)
Unit rent: $250 (takes 8.2 hours to earn)
Average weekly salary: $1226.6 ($30.67 per hour)
Australians for Affordable Housing also looked at the average salary of each job and analysed which workers must spend more than 30 per cent of their income in order to afford the median rents in each capital city.
In the Northern Territory and Queensland less than one in 10 professions pay salaries that can cover median capital city rents by spending less than 30 per cent of the pay cheque.
In the NT just one profession (engineering professionals) out of 86 can cover the median capital city rent for a house.
Eight professions (sales, marketing and public relations professionals; architects, designers, planners and surveyors; air and marine transport professionals; machine operators; stationary plant operators; mechanical engineering trades workers; building and engineering technicians and engineering professionals) can cover the median capital city rent for a unit.
In Queensland just five professions (health therapy professionals; engineering professionals; financial brokers and dealers, and investment advisers; air and marine transport professionals; medical practitioners) can cover median capital city rents for houses and units.
Article originally published in www.Couriermail.com.au by Sarah Michael News.com.au 8/5/2013
Bray Park and Mango Hill fastest selling homes in Pine Rivers
HOMES in Bray Park and Mango Hill are among the fastest selling in the northern suburbs of Brisbane, latest data reveals.
CoreLogic data shows houses in these suburbs are on the market for an average of 48 days before being snapped up by buyers.
Other top performing suburbs in Pine Rivers include Kallangur, where homes sold in an average of 50 days, Strathpine and Petrie at 54 days and Warner with 57 days.
Strathpine’s David Deane Real Estate director and sales manager Mark Rumsey sold 55 Leone St, Bray Park, in just 19 days on the market.
The four bedroom, two bathroom home — built in 1975 on 607sq m — was very popular with buyers.
“This type of property is very popular, because it gives you flexible living options, everything is fresh and it’s not far from schools and rail,” Mr Rumsey said.
“I’ve got plenty of examples within 500m of this home that have sold just as fast.
“Strathpine, Bray Park and Petrie are the thinnest I’ve seen stocked for a long time.”
He said buyers were “quickly realising” the area was good value for money.
“There’s a huge employment base, with Brendale and North Lakes massive drivers for housing out here,” Mr Rumsey said.
“The spotlight is also on with the university and railway upgrade … and it’s only 20-25km from the CBD.
“In areas like Aspley and Bracken Ridge, the same house you’re paying an extra $50,000 to $100,000, so people see huge benefits in just coming out a few extra kilometres.
“These areas will only continue to be popular with buyers and investors.”
While in Mango Hill, Ray White North Lakes sales professional Vijay Kumar is selling 22 Limosa Court, Mango Hill.
The four bedroom, two bathroom home — built in 1998 on 825sq m — has been fully renovated and has an in-ground saltwater solar-heated pool and solar panels on the roof.
Mr Kumar said there has been steady interest in the property, on the market for $559,000.
“This property is in a cul-de-sac, which means only local traffic will go down the road, making it attractive to buyers,” he said.
“It’s also on a large block and only 10 minutes to the train station,” he said.
He agreed homes in the area were on the market for about 48 days.
“In my experience, homes generally sell between 40 and 50 days in Mango Hill,” Mr Kumar said.
“This area is only going to continue to grow in popularity, especially once the train station opens. Plus it’s close to North Lakes, which makes it attractive to buyers.”
Topping the CoreLogic list across greater Brisbane was Algester, where homes sold in an average of 23 days during the 12 months ending June, 2016.
Across the Brisbane City Council area, three other suburbs scored selling times under a month — Chermside West at 24 days, Wishart on 29 and Keperra at 30.
Moreton Bay’s best suburb was Ferny Hills at 35 days, while Logan’s best proving to be Hillcrest at 36.
Capalaba was the highest ranking suburb in Redland City, averaging 42 days on the market, while Ebbw Vale’s 49 days was the best result in Ipswich.
All of Brisbane’s top 10 suburbs had an average of 37 days or less on the market before securing a sale.
TOP 10 IN REGION
1. Ferny Hills
2. Everton Hills
3. Albany Creek
4. Arana Hills
5. Bray Park, Mango Hill
7. Strathpine, Petrie
8. Rothwell, Margate
9. Warner, Redcliffe
*CoreLogic fastest selling suburbs in the Moreton Bay Region
Original article published at www.couriermail.com.au by Amelia Broadstock 18/7/16
Mango Hill’s $10m terrace house collection
The Capestone masterplanned community in Mango Hill will receive a $10 million terrace home collection by Vantage Buiding Group.
The Fusion project will include 24 freehold title, two-storey terraces surrounded by wide streetscapes and located close to a future 13ha lake.
Vantage partner Ashley Nankervis said there had already been strong interest in the homes which start at $429,600.
“The Fusion range of housing provides architecturally designed, three-bedroom, two-bathroom homes that are well positioned and priced in the market,” he said.
“The newly opened Mango Hill railway station is a short walk away and offers residents who work in the Brisbane CBD an easy, 40-minute commute.
“The estate is also only a few minutes drive to the myriad of retail and entertainment options of Westfield’s newest shopping centre at North Lakes as well as IKEA and Costco.”
Mr Nankervis said Fusion was close to North Lakes Business Centre and the growing industrial precincts at North Lakes, Brendale and Strathpine.
“There is strong employment growth forecast in Mango Hill across retail, commercial, industrial and health sectors,” he said.
“More than 26,000 new jobs have been forecast given the proximity to hospitals, associated health facilities as well as the range of local shopping and retail amenities.”
State and private schools are close to the project and St Benedict’s Catholic College is within walking distance.
There is also easy access to Capestone Boulevard and the surrounding facilities.
Construction on the project is expected to start this month.
Original article published at www.couriermail.com.au by Paula Shearer, News Corp Australia Limited, 9.6.16
Locals snap up first three stages of SoLa North Lakes as developers prepare for construction of next phase
THE first three stages of SoLa North Lakes, comprising 59 of 120 townhouses, have sold out with the fourth phase now being promoted.
This stage includes two new floorplans priced from $405,000 with construction expected to begin in the next few months.
Stockland regional manager David Laner said he expected the Stockland-Metricon joint masterplanned community would be fully completed and sold out by Easter next year.
“There have been slightly more owner-occupiers than investors as the townhouses are pretty large,” he said.
“Forty per cent are two-bedrooms and 60 per cent are three-bedrooms.
“Most of the townhouses are also two storey with park and lake views, and we wanted to go with really good quality finishes.”
Mr Laner said 75 per cent of all buyers were from within 10km of North Lakes, which signalled how well people knew their local areas.
“The Moreton Bay Rail Link will offer great opportunities for astute investors and I expect there will be a ripple impact on surrounding areas, like the undervalued Redcliffe peninsula, following the rail link’s opening,” he said.
“But there are now less than 40 vacant home sites left at North Lakes, out of a total of more than 5000 in the masterplan.
“So I’m seeing a little bit of urgency creep in from buyers.”
Arana Hills residents’ Stephen and Jill O’Rourke have purchased a three-bedroom townhouse at SoLa and plan to move there in June.
The couple knew it was time to leave their home after their children moved out but after living in one house for 19 years, it was difficult for them to decide where to go.
“We looked at over 55s living but we weren’t interested in that and then we looked at high rises, but we weren’t really keen about that either,” Mr O’Rourke said.
“Then when we were up at North Lakes, we looked at the floorplans for SoLa.
“We liked that it was opposite the lake, two blocks from Westfield and walking distance to amenities.
“The new station at Mango Hills is also coming soon.
“So instead of a tree or sea change, we chose a closer to amenity change.”
Originally Published On: http://www.couriermail.com.au/
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