South Australia Is Now the Hardest Place in the Nation to Buy a Home
A new realestate.com.au report ranks the state's housing affordability below New South Wales, while Victoria takes the title of most affordable state.
Key message
- South Australia has overtaken New South Wales as Australia's least affordable housing market.
- A typical-income household earning about $103,000 a year can afford just 7% of homes in the state.
- Victoria is now the most affordable state.
of South Australian homes are within reach of a typical-income household.Household income of about $103,000 a year · Source: realestate.com.au
South Australia has become the hardest place in the country to buy a house, according to a new report from realestate.com.au.
The report ranks the state's housing affordability below New South Wales, which has long been seen as the country's toughest property market. The finding shows how much pressure South Australian buyers are now under.
Under the report's measure, a typical-income household earning about $103,000 a year can afford just 7% of homes in the state. That is an extraordinarily low share, and it leaves most local buyers with very few realistic options.
In a shift in the national rankings, Victoria has now become the most affordable state.
Where the states now stand
- South AustraliaNow the least affordable stateLeast affordable
- New South WalesNow ranks above South AustraliaOvertaken
- VictoriaNow the most affordable stateMost affordable
More to follow
Source: realestate.com.au housing affordability report.
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