{"id":32747,"date":"2021-06-09T09:51:59","date_gmt":"2021-06-08T21:51:59","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=32747"},"modified":"2021-06-09T09:51:59","modified_gmt":"2021-06-08T21:51:59","slug":"house-prices-now-unaffordable-for-many-average-australians","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/house-prices-now-unaffordable-for-many-average-australians\/","title":{"rendered":"House prices now \u2018unaffordable\u2019 for many average Australians"},"content":{"rendered":"<p><strong>PHOTO: First home buyers. FILE<\/strong><\/p>\n<p>A sobering report by real estate professionals has said property prices are \u201cincreasingly unaffordable\u201d and Australians may never own a home.<\/p>\n<p class=\"description\">First time home buyers are all too aware buying their first pad right now is a struggle.<\/p>\n<div class=\"story-content\">\n<p>Now that\u2019s been confirmed by the industry itself with real estate professionals darkly warning large numbers of \u201caverage\u201d Australians \u201cmay never be able to enter the property market\u201d given the inexorable rise in prices.<\/p>\n<p>That sobering residential reality comes as it was confirmed\u00a0Sydney house prices had soared. The average house is in the Harbour City is now going for $1.1 million\u00a0with units at $800,000.<\/p>\n<p>A typical <a href=\"https:\/\/propertynoise.co.nz\/au\/?s=Sydney&amp;submit=Search\">Sydney<\/a> house is now about $117,000 pricier than it was at the end of February. Industry organisation the Australian Property Institute (API) and tech firm The Search People surveyed almost 600 property valuers across Australia to gauge their attitudes to the property market.<\/p>\n<p>Property valuers conduct detailed inspections of homes, looking at the number of rooms and size as well as a property\u2019s condition to ensure it\u2019s fit to be bought or sold, is priced correctly and if any improvements need to be made to make it market ready.<\/p>\n<div class=\"w650 h487 image media kskd-media\" data-kiosked-context-name=\"kskdUIContext_01f7psctfkxedgt15nav0wns80\">\n<div class=\"image-wrapper\"><img fetchpriority=\"high\" decoding=\"async\" class=\" image-loaded\" src=\"https:\/\/cdn.newsapi.com.au\/image\/v1\/a656b1d802e30610128c6ea521ef9b00?width=650\" alt=\"Homes are increasingly out of reach. Picture: Jenny Evans\/NCA NewsWire\" width=\"650\" height=\"487\" data-src=\"https:\/\/cdn.newsapi.com.au\/image\/v1\/a656b1d802e30610128c6ea521ef9b00?width=650\" \/><\/div>\n<p class=\"caption\"><em><strong>Homes are increasingly out of reach. Picture: Jenny Evans\/NCA NewsWire <span class=\"image-source\">Source: News Corp Australia<\/span><\/strong><\/em><\/p>\n<\/div>\n<p><span class=\"h3\"><b>Almost half think property \u2018unaffordable\u2019 for average Australian<\/b><\/span><\/p>\n<p>The report found 59 per cent of valuers believed the <a href=\"https:\/\/propertynoise.co.nz\/au\/?s=Australian+housing+market&amp;submit=Search\">Australian housing market<\/a> was currently in a bubble. While 55 per cent thought most homebuyers were over capitalising on their purchase.<\/p>\n<p>Most damningly, 43 per cent of valuers said property was now essentially out of reach for the \u201caverage\u201d Australian.<\/p>\n<p>\u201cThe likelihood of owning a home is becoming increasingly low as residential property becomes unaffordable for the average Australian,\u201d the firms stated.<\/p>\n<\/div>\n<p>READ MORE VIA <a href=\"https:\/\/www.news.com.au\/finance\/real-estate\/buying\/house-prices-now-unaffordable-for-many-average-australians\/news-story\/431fb1c6491703b8c6536e00d2adc630\">NEWS.COM.AU<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: First home buyers. FILE A sobering report by real<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/house-prices-now-unaffordable-for-many-average-australians\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":31921,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478112091,478098512,478099532,478116360,478098521,478098566,478111350,478098542,478098519,478098535,478098522,478098543,478098513,478098579,478098510,478116361,478098514,478098511,478098533,478098509,478107879,478099324,478116362],"class_list":["entry","author-data123nz","post-32747","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-api","tag-australia","tag-australian-housing-market","tag-australian-property-institute","tag-australians","tag-first-home-buyers","tag-first-time-home-buyers","tag-home-loans","tag-home-ownership","tag-house-prices","tag-interest-rates","tag-mortgages","tag-property","tag-property-market","tag-property-news","tag-property-valuers","tag-propertynoise","tag-real-estate","tag-real-estate-agent","tag-real-estate-news","tag-real-estate-professionals","tag-residential-property","tag-the-search-people"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>House prices now \u2018unaffordable\u2019 for many average Australians - Property News Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/propertynoise.co.nz\/au\/house-prices-now-unaffordable-for-many-average-australians\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House prices now \u2018unaffordable\u2019 for many average Australians - Property News Australia\" \/>\n<meta property=\"og:description\" content=\"PHOTO: First home buyers. 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