A few weekends ago I read an article about housing affordability in Australia in the local paper. It seems that the average family now needs a household income of over $100,000.00 to be able to afford to purchase an average house!
When I first moved here to West End, Townsville in 1998 you could pick up a three bedroom house for about $90,000. There was a three bedroom house on a quarter acre block just down the street from us on Echlin Street that the owners couldn’t sell at $87,000.
Now the average house in West End, Townsville is going for about $350,000! Last year alone the houses went up by 29% in West End. A house that in 2003 was selling for $179,000 just sold recently with a list price of $369,000.
With the cost of housing going up it is becoming more and more of a luxury to be a house owner. Tamara and I are continually counting our blessings at buying into the market when we did as we would probably not be able to enter into the market as it is now. Most of our friends, who were considering purchasing when we purchased our first house, are now pretty much priced out of the market in Townsville.