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Median-priced housing out of reach for most

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Your Investment Property | 30 Sep 2016, 01:22 AM Agree 0
Six out of eight Australian capital cities have a median price that cannot be afforded by an average single income household.
  • MrE | 30 Sep 2016, 06:59 PM Agree 0
    "Whether you think you can or you think you can't, you're right"- Henry Ford.

    I roll my eyes at these nonsense articles. What's a single person on an average wage doing buying a median priced house? Median priced houses are usually 3 bedrooms or more. This measure has never made sense and is never questioned.

    So, if you're only using a single income, best to pick a more relevant property such as a 1 bedroom apartment. There's one for sale in Gladesville $500k, 10km from the CBD.

    $500/wk repayments P&I at 5.5%. On $84k median income, after tax one could comfortably pay the mortgage and even contribute an extra $300+/wk to smash through the mortgage significantly quicker and still have $400/wk left over.

    That is very much the definition of affordable.
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