Housing affordability for Key workers -Survey

[breakfastburrito]

The inaugural BankWest Key Worker Housing Affordability survey identifies key worker groups in Australia (nurses, teachers, police officers, fire-fighters and ambulance officers) and the affordability of buying a house in the communities they serve.
The survey shows housing affordability has rapidly deteriorated over the past five years for Australia's 480,000 nurses, teachers, police officers, fire-fighters and ambulance officers with more than 80% of capital city council areas too expensive for key workers to buy a house in 2007, compared with about 50% in 2002.
The report has analysed house prices in all available local government areas (540 LGAs) across Australia and cross referenced them against key worker earning by state.
Download a copy of the full report and a breakdown on each state below.
http://www.bankwest.com.au/library/images/15/81.gif National Key Worker Housing Affordability Report (http://www.bankwest.com.au/library/scripts/objectifyMedia.aspx?file=pdf/40/97.pdf&str_title=BankWest%20Key%20Worker%20Housing%20Affordability% 20Report.pdf)


http://www.bankwest.com.au/library/images/15/81.gif Australia (http://www.bankwest.com.au/library/scripts/objectifyMedia.aspx?file=pdf/41/07.pdf&str_title=AUST%20key%20worker%20report.pdf)
http://www.bankwest.com.au/library/images/15/81.gif Western Australia (http://www.bankwest.com.au/library/scripts/objectifyMedia.aspx?file=pdf/41/06.pdf&str_title=WA%20key%20worker%20report.pdf)
http://www.bankwest.com.au/library/images/15/81.gif New South Wales (http://www.bankwest.com.au/library/scripts/objectifyMedia.aspx?file=pdf/41/01.pdf&str_title=NSW%20key%20worker%20report.pdf)
http://www.bankwest.com.au/library/images/15/81.gif Victoria (http://www.bankwest.com.au/library/scripts/objectifyMedia.aspx?file=pdf/41/05.pdf&str_title=VIC%20key%20worker%20report.pdf)
http://www.bankwest.com.au/library/images/15/81.gif Queensland (http://www.bankwest.com.au/library/scripts/objectifyMedia.aspx?file=pdf/41/02.pdf&str_title=QLD%20key%20worker%20report.pdf)
http://www.bankwest.com.au/library/images/15/81.gif South Australia (http://www.bankwest.com.au/library/scripts/objectifyMedia.aspx?file=pdf/41/03.pdf&str_title=SA%20key%20worker%20report.pdf)
http://www.bankwest.com.au/library/images/15/81.gif Tasmania (http://www.bankwest.com.au/library/scripts/objectifyMedia.aspx?file=pdf/41/04.pdf&str_title=TAS%20key%20worker%20report.pdf)

http://www.bankwest.com.au/library/images/15/81.gif Full list by Local Government Area (http://www.bankwest.com.au/library/scripts/objectifyMedia.aspx?file=pdf/41/00.pdf&str_title=Full%20list%20by%20Local%20Government%20Area.pdf)S ource:BankWest Survey (http://www.bankwest.com.au/Media_Centre/BankWest_Research/BankWest_Key_Worker_Housing_Affordability/index.aspx)

*An area is classified as unaffordable if its house price/key worker earnings ratio is above 5.0 times for all key worker groups. Median house
prices have been compared to annual average earnings at a state level for each key worker occupation.
** Average annual national key worker salaries for 2007 used in this analysis are teachers ($54,835), nurses ($48,661), police officersAny wonder why Krusty34 et al bang on about regional operators facing hard times recruiting.

[hongkongfooey]

Interesting is'nt it, house affordability is worse now than when labour managed to get the rates up to 18% some 23 years ago :ugh:
( No, I'm not a labour man, WAS a liberal voter most of my life )

$54,000/annum gives you $3500 net/month, a modest place in Perth $500,000 with a $420,000 mortgage around $3300/month, how do they make it work ??

[Angle of Attack]

It just shows how figures don't mean anything that idiot politicians throw around. Give me 18% interest rates anyday in the 90's compared to now, it was still much more affordable! In the end governments have hardly any control on interest rates, just a minor role.

[Mr. Hat]

Spot on AoA.


and they thought the late 80s were tough...

[tio540]

Angle of Attack

I cannot agree:-

18% on 200,000 3,000 pcm

9% on 420,000 3,200 pcm

But $3,000 in 1990 was a lot of money.

Remember that during 18% (17.5% actually) our house prices went down in value as well.

Just my two bobs worth.

[hongkongfooey]

The same house I bought in the mid 80s for 80K is now 300 odd, kinda kills that theory. Nobody in my group of friends had ( or needed ) a mortgage higher than 100K back then.

[Mr. Hat]

a unit that cost 111k in 92 now 500k.

good for mum and dad not so good for me

[Green gorilla]

Just got a house for 373000 5 years ago same house was 150000 less.

[Maggott17]

I'd like to say: "Greedy banks hard to the left to avoid collision with oncoming jet".............

However, "Greedy Banks" will suffice.

[hongkongfooey]

I'm no finance guru by any stretch of the imagination and I know before the tirade comes, that this is over-simplifying things, but it's funny how the banks here in HK can still survive whilst charging 2.35% interest on mortgages ( no, not a typo )

[tio540]

There are those here that claim we follow the US economy, so why are our rates rising, and theirs dropping.

This surely means the margins (banks cut) are increasing. Never was good at maths.