Buying property in Sydney with a view to renting it out could work in your favour, as it emerges that affordability in the city has taken a further hit. The December quarter 2015 Adelaide Bank/REIA Housing Affordability Report shows properties are now more unaffordable than at any other point in the past three years.
Taking a closer look at property management in Beverley Park could therefore be a good idea, as people find it increasingly difficult to move into a home of their own. According to the report, buyers are currently spending around 32.4 per cent of their median family income making minimum loan repayments.
New South Wales emerged as the least affordable state or territory, as the proportion of income needed to meet payments increased considerably from the previous quarter. However, it wasn’t the only region to have suffered, as the only quarterly improvement in affordability was registered in the Northern Territory.
The amount people need to pay to meet rental costs is working in tenants’ favour, the results show. On average, the proportion of family income needed to meet median rental costs is 24.6 per cent – New South Wales was one area where rental affordability improved.
Sydney has also benefited from a rise in property listings over recent weeks, with January figures from SQM Research showing a significant increase. The Harbour City witnessed a 13.7 per cent rise in the number of available homes, so the options for investment property are escalating.
If you do want to invest in real estate anytime soon, make sure you speak to the team at Ray White Carlton. We’re experts in property management in Beverley Park and other rental issues, so get in touch to discuss your needs in greater details.