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Housing affordability is a hot topic at the moment, particularly in Sydney and Melbourne, Australia's two hottest property markets. You can't open a newspaper or watch the nightly news without reading or hearing about it. It seems it was also a hot topic in the 1950's.
On www.realestate.com.au I saw the below newspaper article that was published on the 17/01/1950. The journalist writes that only one in five married couples will be able to afford a home in Sydney, facing issues like:
- Increasing property prices
- Stagnate and slow wage growth
- Not enough homes for the demand.
Wow, it all sounds very familiar.
Regions like St. George and The Sutherland Shire, 19km and 30km from the Sydney CBD respectively, were considered far away. Today they are viewed as part of the greater Sydney area, home to thousands of people that commute to and from the Sydney CBD daily.
As per the current day, young families, first home buyers and people looking for larger homes and land are moving further from the city. Like St. George and The Sutherland Shire, these areas will be boosted with infrastructure, better transport options, roadways and become employment and entertainment hubs.
Buying a new home, especially your first will most likely be tough. There's the deposit, stamp duty and other purchasing costs that need to be saved. The mortgage repayments and general living expenses that need to be factored in week on week.
A lot of people, particularly those in the Sydney and Melbourne markets are feeling hard done by. Yes, you will have to cut back on things, look for groceries that are on special and count your pennies. However, if it makes you feel any better so did your grandparents and your parents and more than likely your children will too. If history repeats itself, which the data indicates it will, the price of Australian property will continue to move in cycles and housing affordability will continue to dominate news headlines for generations to come.
Milk Chocolate was founded seven years ago by Richie Ragel and Michael Cleary, to purchase residential and commercial property in Australia on behalf of our clients, looking for a home or investment property. To see how we can help you get in touch here.
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