The data shows that Brisbane’s affordability went backwards by almost a percentage point, while Perth and Melbourne stayed roughly the same and Sydney actually became more affordable by a few percentage points!
(PRWEB) June 10, 2014
According to a joint report by the prominent Housing Industry Association and the largest mortgage lender in Australia, the Commonwealth Bank, the level of housing affordability in both Brisbane and Queensland has deteriorated in the March quarter of 2014.
“Housing affordability is a measure that is gained from comparing a whole host of data”, explains Rick Otton. “Interest rates, income levels in that state or city, average dwelling prices, clearance rates for properties and the number of properties on the market all go into the mix to determine affordability as compared to the previous period” Mr Otton went on to say.
“The data shows that Brisbane’s affordability went backwards by almost a percentage point, while Perth and Melbourne stayed roughly the same and Sydney actually became more affordable by a few percentage points!” Mr Otton observed.
“Another interesting take away point that I found was that that existing houses are generally more affordable than those that are new or bought off-the-plan. I find this surprising as new building space is scarce in the most sought-after locations near the CBD and inner suburbs, where most existing houses are located, but where prices are generally higher. New developments tend to be in the outer suburbs where one would expect houses to be cheaper and more affordable”, said Mr Otton.
“For property buyers in Brisbane it may be tempting to lose heart when statistics such as these are revealed. They might assume that the ‘quick wins’ in the local property market are gone, or that other markets are more attractive”, said Mr Otton. "But what investors need to understand is that there is real wealth to be created in the property market today, whether it is in Brisbane, Perth or Sydney”’.
Mr Otton has developed the strategies to back up these claims over decades of investing all over the world. As a well-respected property investor in his own right, he is also a highly sought after public speaker and best-selling writer. Mr Otton also hosts a series of free-to-the-public podcasts, which lay out his strategies for creating wealth in the property market, no matter what the location or current trends.
“It is a myth that there is only money to be made in the Australian property market when prices are rising” said Mr Otton. “By learning the strategies that I’ve spent years researching, testing and refining, investors can build the information bank that they need to have achieve their property investment goals” he said.
The techniques to which he refers were featured in his best selling book “How To Buy A House For A Dollar”, and are discussed in his CreativeRealEstate.com.au podcasts.
For over 20 years property millionaire Rick Otton has built an impressive real estate portfolio using innovative strategies that he has developed – strategies in which transactions are made without the need for traditional bank-type loans. He constantly refines his techniques as he buys and sells properties through his We Buy Houses business, which operates in Australia, New Zealand and the UK.
A gifted speaker and educator, Mr Otton conducts regular free seminars across Australia, which build on the concepts he shares in his 2012 book ‘How To Buy A House For A Dollar’, voted by Money Magazine and Dymocks Book stores as one of the Top 10 Most Popular Finance Titles for 2013.
He regularly records and publishes iTunes podcasts via his channel Creative Real Estate. His innovative low-risk, high-reward approach to Australian real estate investing has been featured in a variety of television programs and magazines, including Today Tonight, A Current Affair and Australian Property Investor.