When it comes to mortgages, Queensland is the most unaffordable state in Australia. Forget Sydney and Perth, if you buy a home in Queensland this week, we’ll throw in absolutely free extreme mortgage stress with over 40% of your household income going into the mortgage! Throw in rising petrol costs and grocery bills, and you’ve got yourself a deal breaker!!
“Leigh Warner of Jones Lang LaSalle, speaking at a property research forum at the Brisbane Club this morning, said their research in April this year showed market sentiment was at the lowest since June 1993.”
– “QLD home loans least affordable”: Brisbane Times
I know some people are saying that Queensland property prices will continue to rise, but it looks like they’ll need to remain steady for a while just to allow everything else to catch up. Yes, demand is high, and they can’t build new homes fast enough, but if increasing numbers of people can’t actually afford to buy a home then demand will drop. And if people aren’t feeling positive about the property market, then they won’t be throwing around excessively high offers on new real estate purchases either. All of this means that we’re seeing a very different situation to what we’ve been seeing for the past few years.