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.
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6 comments:

  1. John "By Stargoose And Hanglands"February 1, 2014 at 5:51 PM

    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. PerthDailyPhotoFebruary 1, 2014 at 8:23 PM

    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. EG CameraGirlFebruary 2, 2014 at 12:18 AM

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

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  4. Luis GomezFebruary 2, 2014 at 12:29 AM

    Great entry Joe. Exactly the same happening in DC.

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  5. Tanya BreeseFebruary 2, 2014 at 12:50 AM

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

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  6. DianneFebruary 2, 2014 at 6:42 AM

    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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