Housing affordability for Key workers -Survey
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Housing affordability for Key workers -Survey
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.
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.
*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 officers
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 officers
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Interesting is'nt it, house affordability is worse now than when labour managed to get the rates up to 18% some 23 years ago
( 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 ??
( 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 ??
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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.
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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.
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.
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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 )
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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.
This surely means the margins (banks cut) are increasing. Never was good at maths.