Houses for sale in St Marys: the suburb has become affordable again for earners of less than $105K
Homebuyers on an average income can today afford to buy houses in doubly many Sydney suburbs as they could 2 yrs ago, when prices were at their top. New research demonstrates in 2017, those on the median home income of $105,000 a year before tax could afford a median priced house in mere 5 % of Sydney’s suburbs. See houses for sale in St Marys.
That’s if indeed they wished to avoid home loan stress – a predicament where loan payments eat up greater than a third of your earnings.
The same buyers are now able to afford houses in 10 % of suburbs as a consequence to recent prices fall and interest cuts, analysis of CoreLogic data showed.
Unit customers have even more options – the average earner is now able to afford median priced properties in 31 % of Sydney suburbs, in comparison to 20 % 2 yrs ago.
Property experts described recent market movements as a “game changer” for customers. Sydney home prices fell at an average 15 % within the last 2 yrs, while banks are actually offering home loan rates of only 3.5 % – well under the 5 % variable rate most lenders offered in 2017. “It’s turn into a excellent time to be always a buyer,” Home loan Choice’s Jane Vaughn said. “Before, plenty of buyers were seated out the marketplace since it was too difficult however now more have found they can enter.”
Property advisory service Patrick Leo’s director James Nihill said Sydney remains a market where customers still had a need to spend big to obtain a home but it was “definitely less expensive”. “Credit hasn’t been this cheap,” he said, adding that purchasers were also profiting from reduced competition. “There is absolutely no more frenzy on the market. There’s a perception that it’s a great time to be buying but nobody is making crazy offers any longer.”
A number of the biggest affordability benefits were in Sydney’s west.
Middle-of-the-road homes became affordable again for average earners in Mt Druitt, St Marys and Marsden Park Elara. It is perhaps the best time to buy an investment property as there are many houses for sale in St Marys at the moment. See houses for sale in St Marys.
In the west, median units were affordable for purchasers earning about $60,000 in Winston Hills and Carramar.
