Canberra housing prices get worse
A new research points out that Canberra housing affordability is getting worse, and it is getting more difficult for first time buyers to enter the housing market.
A study conducted by Bankwest indicates that residents of ACT will have to save for more than 4 years to make a house deposit, which is up from the 3+ years figure about a year agoe.
Bankwest's study is based on the average amount of time it would take for couples with average salaries to save enough funds to make a 20 per cent deposit, by putting aside 20 per cent of their total income annually.
Bankwest's Adrian Bradley says more and more residents in Canberra have no choice but to rent instead, or stay under their parents' roof for the meantime.
"It is a double edged sword," Mr. Bradley said.
"With the property boom that we've been seeing if you're an established owner that's great news, your property's worth more and more and you're really happy. Of course if you're trying to break into it that's the worst possible thing you can face."
Real estate analysts say that a badly maintained housing stock is to be blamed for the difficulty first time buyers are experiencing in entering the Canberra housing market.
Catherine Carter, ACT Property Council's chief executive remarked that in spite of government efforts, housing prices are still rising.
"There's still a very large lack of stock under $400,000, particularly three bedroom houses which most young families look to get into. The main solutions around that are to increase the supply of land to provide house and land packages under that $400,000 mark," Ms. Carter said.