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PHOTO: Sydney house prices have risen much more than the median home in Australia
It is easier to buy a home in most of Australia than it was 10 years ago, new research has found.
CoreLogic’s Property Pulse study says housing costs have risen at the same pace as incomes over the last ten years.
But because mortgage rates have dropped to record lows, it is easier for homebuyers to pay off their homes.
The national median dwelling value has increased by 3 per cent each year in the past decade, from $382,650 to $516,710.
But household incomes have risen slightly more each year, growing from $59,0202 per annum to $79,872.
And mortgage rates have dropped a full percentage point from 5.1 per cent to 4.1 per cent.
But the national average does not mean housing is cheaper everywhere.