12 March 2007

More evidence


In a news item this morning titled Home loan costs pressure families more evidence of the unaffordability of housing in Sydney.

"Families in Sydney, where the median-priced home is $520,000, require a combined income of $145,000 to keep up with their mortgage payments."

We get nowhere near this, but this the price of house we have been looking at!

"... calculations were based on a household paying 30 per cent of income to service mortgage repayments.

Monthly mortgage repayments were calculated on the basis of a 25-year loan equal to 90 per cent of the median house price."

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