Solo home buyers have been priced out of Sydney and Canberra by the latest rate rise and can only afford five suburbs in Melbourne. But there are 99 areas to buy in Perth.
Houses in three-quarters of suburbs nationwide are now out of reach for solo home buyers, after their borrowing capacity was slashed by a further $10,000 after the Reserve Bank of Australia increased the cash rate by another 0.25 percentage points to 3.35 per cent on Tuesday, data from CoreLogic shows.record-breaking rate of decline in house pricesSolo homebuyers have been priced out of a large chunk of the house markets around the country amid rising interest rates according to CoreLogic.
Dual-income couples have taken a $23,000 hit on their borrowing capacity, which has reduced by a total of $329,000 to $980,000. Assuming a 20 per cent deposit and an average annual income of $92,000, solo buyers can now only afford to buy a home worth up to $531,250, while couples can get up to $1.225 million.
The imbalance is even more apparent when considering capital city markets only. Just 673 markets, or nearly one in four suburbs were considered affordable for the average solo buyer, while couples can afford the typical home across 82.4 per cent or 2405 markets. Lower-priced houses in Brisbane’s Logan-Beaudesert district comprised most of the 59 affordable housing markets for solo buyers, including Bethania, Loganlea, Brown Plains and Woodridge.Perth has the highest number of affordable house markets with 99 suburbs. Adelaide has 46, Hobart has nine and has Darwin 12.
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