Mortgage pain hurts more in Sydney than in London or New York

[웃 910]

• Sydney families spend most on mortgage
• Average repayment is $4123 a month
• Dream of homeownership is more distant

SYDNEYSIDERS spend more on their mortgage than families in London and even New York.

A survey of global cities put Sydney at the top when it came to the percentage of income spent on mortgages.

The median Sydney house price is $626,444, with mortgage repayments of $4123 a month - three quarters the average monthly income.

In Los Angeles and Toronto, just a third of the monthly income goes on mortgages, while in Dublin and New York it is less than half and in London or Auckland less than two thirds, the comparative survey revealed.

The high price of housing here has more than 80 per cent of potential buyers now believing the dream of home ownership is becoming more distant, a realestate.com.au survey revealed, with 60 per cent blaming house prices rising faster than salaries.

The survey of more than 8000 people looking to buy in NSW found saving a deposit forced families into poverty.

Another survey, by Australian Property Monitors, found 46 per cent of homebuyers were worse off financially since buying.

However, just 6 per cent regretted the home purchase because it offered security, Australia Property Monitors head of research Yvonne Chan said.

First-home buyers were again being priced out, with finance for them at long-term lows, she said.

"We don't have the supply they do in the US, our lending criteria is more strict and the interest rate rises have priced out buyers," she said.

Property expert Margaret Lomas said buyers should rent in their preferred location and buy an investment property in an up-and-coming suburb.

"The great Aussie dream isn't lost. There are still opportunities for people to buy property and build substantial property portfolios by becoming a landlord rather than an owner-occupier," she said.

"Anyone wanting to get on to the property ladder in NSW should consider areas with strong infrastructure planning, population growth and a healthy demand from tenants to ensure great yields.

"My favourite hotspots are Nowra, Wollongong, Wagga, Granville, Bathurst, Orange and Queanbeyan."

Gavin Hirst, who rents in Lindfield, is looking for a home to buy in the northern suburbs of Sydney.

Already a landlord, Mr Hirst owns an investment property in Alexandria but said he wanted a family home with a backyard for his children to play in and which was close to good schools.

"It depends what you want to enter the property market for - capital gains or a cash flow," he said.

Read more: http://www.news.com.au/money/property/mortgage-pain-hurts-more-in-sydney-than-in-london-or-new-york/story-e6frfmd0-1225936210782#ixzz11osi8L5u

[Heracles 417]

That tends to happen when property prices go up.

What you have to ask yourself, what does this mean for people like myself who purchased years ago..

PS While you are working it out, keep in mind the USD is almost at parity with the AUD.

[spookyturtle 9,466]

That tends to happen when property prices go up.

What you have to ask yourself, what does this mean for people like myself who purchased years ago..

PS While you are working it out, keep in mind the USD is almost at parity with the AUD.

It means you come live in an apartment in the US?

[Heracles 417]

It means you come live in an apartment in the US?

Yep, don't live in an apartment.

Perhaps you can enlighten us to details of your accommodation. Or are you going to hide under your default "I'm high-profile" BS?

[spookyturtle 9,466]

Yep, don't live in an apartment.

Perhaps you can enlighten us to details of your accommodation. Or are you going to hide under your default "I'm high-profile" BS?

However many houses you own, I own more. However big your house is, mine's bigger. However much money you make, I make more.

[Heracles 417]

However many houses you own, I own more. However big your house is, mine's bigger. However much money you make, I make more.

Yes, because you have offered oh so much information about yourself, though you have a posting rate that is double to my own.

[spookyturtle 9,466]

Yes, because you have offered oh so much information about yourself, though you have a posting rate that is double to my own.

But your posts are so much more insightful than mine. You posts paragraphs, I only post a sentence or two.

[Ban Hammer 14,297]

Yes, because you have offered oh so much information about yourself, though you have a posting rate that is double to my own.

see, he's just keeping it within standards.

[Heracles 417]

see, he's just keeping it within standards.

Some of us have high post counts _{cough cough}, but at least these people do not mock others but live in secrecy and pretend, and I quote, "they are high-profile".

[spookyturtle 9,466]

Some of us have high post counts _{cough cough}, but at least these people do not mock others but live in secrecy and pretend, and I quote, "they are high-profile".

Why don't you quote what I actually said? It was "maybe I had a high profile case". I never claimed to be high profile or state that I had a high profile case. I said maybe, and that was the answer I gave you for not posting much about my private life.

[Heracles 417]

Why don't you quote what I actually said? It was "maybe I had a high profile case". I never claimed to be high profile or state that I had a high profile case. I said maybe, and that was the answer I gave you for not posting much about my private life.

No one is asking for your SSN, but if you are going to mock others for anything, you better put info about yourself on the table too.

[spookyturtle 9,466]

No one is asking for your SSN, but if you are going to mock others for anything, you better put info about yourself on the table too.

I have not mocked anyone for anything about their private lives. Can you say the same?