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Housing costs remain steady

By Kevin Kelly

One of the factors you'll need to consider when buying real estate in Australind is whether your everyday costs are likely to rise year-on-year. After all, buying a home is a big financial commitment, so it makes sense to be realistic about what the future has in store.

The latest figures from the Australian Bureau of Statistics (ABS) show that housing costs have largely remained steady over the past few years. Between 2011-12 and 2013-14, the average cost for homeowners with a mortgage stood at $453 per week.

In fact, there was a fall in the percentage of an average salary needed to make a mortgage repayment. This fell from 18 per cent of a person's income in 2011-12 to 16 per cent during the next financial year.

Interestingly, people who rent their properties were found to spend around 20 per cent of their income on meeting housing costs. This could be just the incentive you need to start looking for your own real estate in Australind if you haven't already.

The RDC CoreLogic RP Data Australian Residential Development Outlook Spring Edition also suggested that property prices may soon start to fall. As construction activity picks up, there's every chance that the rise in stock levels might lead to a decline in prices.

"Indicators also show that residential supply nationally is finally meeting household formation requirements to create enough housing to satisfy growing demand," said the Property Council of Australia's executive director of residential Nick Proud.

This not only brings down prices, but also gives buyers a wider selection of homes to choose from when they enter the market.

It seems that the sector is working in buyers' favour, so what are you waiting for? Speak to the team at Ray White Bunbury for help making your move onto the property ladder.

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