Perth is the NO One city for least affordable homes Australia , BRISBANE is No Two, with nine out of 10 city dwellers paying over-the-top house prices. One in five Queenslanders on moderate incomes buy homes within their means but when it gets to Brisbane just 9.8 per cent of houses are affordable.
This cost of living squeeze is detailed in a series of reports out today and backs up what many Queenslanders are feeling. Brisbane is second only to Perth, which has just 5.5 per cent home affordability.
The Council of Australian Government’s (COAG) Reform Council’s first baseline performance report compiles data for all state and territory governments and the Federal Government. It measures them on their performance in key areas such as housing affordability.
The report says that in Brisbane “the typical home price was the same as Sydney” but there was less diversity in the market and “income levels were much lower than in Sydney”. It says the typical house price in Brisbane of $340,000 was much higher than the affordable home price of $270,000, according to 2007-08 previously unpublished Australian Bureau of Statistics data.
A moderate weekly income is defined as $1545 a household before tax is paid.