Saturday, February 1, 2014

ENTRY INTO THE MELBOURNE HOUSING MARKET

The median house price in Melbourne for the quarter to December 2013 was $643,000 and the median unit price was $498,000.  The average wage is around $72,000 a year with first home buyers probably earning a lot less.  The median house price is a smidgen below 9 times the average wage and the median unit price is door stop below 7 times the average wage. In my day (in the not so dark ages) our first house was around 4 times my annual wage.  Entry into the Melbourne housing market is tough for first home buyers today.  
This is my contribution to the Daily Photo Bloggers monthly theme "ENTRY".  Click HERE for other interpretations of the theme.

7 comments:

  1. Same situation - maybe even worse - here. As a result in Cambridge it's getting difficult to find people to do low-paid jobs; they just can't afford to live in the area.

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  2. It certainly is.. and even worse when young people are enticed into huge debt with very little deposit which they end up struggling to keep up. Thought provoking 'entry' for the theme Joe..

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  3. Very scary. The same silliness is going on in Toronto and Vancouver, Canada.

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  4. Great entry Joe. Exactly the same happening in DC.

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  5. i love the photo....went through the housing crisis in san diego years back...

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  6. I think I'll settle for one of those little huts on the beach Joe .... maybe even that would cost me an arm-and-a-leg.

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