Over 2006 to 2011, the Australian real estate rates have been heading upwards still. The median monthly mortgage repayment rate and the median weekly rent rose by about 38.9% and 49.2% respectively. This is bad news for the common man already.
While the population increased by about 8.3%, the average income of the Australians has also risen by about 23.2%, which is apparently something to cheer about. But 34% of it is spent on mortgage payments! These statistics may explain the people favoring affordable housing options like higher density units over separate houses. The study also shows a 1.5% rise in the rented houses and a consequential decline of about 1.9% in the houses owned. This might prove to be an amiable opportunity for those looking to invest in real estate.
An interesting point to be noted is the rise in rental vacancies in Melbourne while a considerable fall of the vacancies in Perth and Northern Australia. We can relate this phenomenon to the Australians favoring the pleasant weather of Perth as opposed to the temperamental weather of Melbourne.
This infographics was prepared by the team at DebtConsolidation.com.au.
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