Mortgage load shows signs of easing

SYDNEY property is more affordable than it was five years ago, according to the latest census figures.

SYDNEY property is more affordable than it was five years ago, according to the latest census figures.

R P Data senior analyst Cameron Kusher says the 2011 census figures show a 7.5 per cent house price-to-income ratio in Sydney compared with a 7.7 per cent ratio in 2006. The median annualised household income for 2011 was $75,088, and the median house price was $560,000,

the North Shore Times reports.

In 2006, Sydney's median annualised household income was $60,996 with a median house price of $470,000.
Overall the results show housing affordability is less severe than some reports suggest.

While the 2011 cost of a house in Sydney is on average 6.1 times the household income.

Mr Kusher says there has been relatively little movement in the house price to income ratio across capital cities in the last five years; and the ratio has actually reduced in Sydney and Perth.

"This is reflective of much slower growth conditions in the housing market and of lower levels of growth in household incomes over the past five years compared with the preceding five years,'' Mr Kusher said.

"Units provide a viable alternative for buyers on a budget, suggesting they will continue to grow in popularity and may continue to outperform houses in terms of value growth over the period to the next census.''

Affordability
Lane Cove
Median household annual income $100,984
Median unit price $525,000
Income-to-unit-price ratio 5.2 per cent
Median house price $1.309m
Income-to-house-price ratio 12.96 per cent

Pymble
Median household annual income $138,892
Median unit price $620,000
Income-to-unit-price ratio 4.46 per cent
Median house price $1.33m
Income-to-house-price ratio 9.6 per cent

Median prices as at March 2012
Source: R P Data and 2011
Census (see abs.gov.au)

4.6m million people live in Sydney according to the latest Census