Business
Paying off a mortgage used to be easier than it looked. High house prices and stagnant wages have changed that reality – ABC News
For our parents, buying a home was an exceptionally good deal. But it wasn’t just about of housing affordability or even mortgage rates, writes Peter Martin.
So you think it’s the right time to dive in and buy a home.
I can’t tell you you’re wrong. I can tell you it would have been better to do it before prices began soaring, and that if they keep soaring it will get worse still.
When the year began, the typical Sydney price was $872,000. Five months later at the start of June it is $970,000.
That’s a jump of almost $100,000 in a matter of months an awfully big price for procrastinating.
In Melbourne the typical price has climbed from $682,000 to $740,500….
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