The home ownership struggle is real
Aussie home prices aren’t the only thing soaring… New research by NSW Uni has found the number of households struggling with their finances has climbed from 30% to almost 42% since February last year. With interest rates at record lows and demand for housing outweighing supply, median home values have reached new highs over the last year putting a strain on borrowers’ finances. The highest rate of mortgage stress is in the outer-Sydney electorate of Werriwa with almost 71% of people with a home loan stretched to make ends meet. Other stressed-out areas include Greenway on Sydney’s outskirts (62.6%), La Trobe (72.3%) and McEwen (59.2%) on the edge of Melbourne, and Perth’s Cowan (58.7%).
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