TERRITORIANS need to earn an annual wage of just $30,000 to afford a home in one of the Top End’s most popular suburbs, according to new data.
New Finder analysis of CoreLogic data calculated the salaries required to service house loans in the Top End and found the top 10 suburbs that had the biggest salary drop across a three-month period.
Family suburb Zuccoli experienced the largest decrease of $27,218, with buyers requiring an annual wage of $30,119 to service a property loan.
Next was Katherine with an average wage of $37,994, a drop of $4836 across three months, followed by Driver with an average salary of $46,975 needed to service a property loan.
Real Estate Institute of the Northern Territory (REINT) chief executive Quentin Kilian said given the increased affordability in suburbs such as Zuccoli, which went from a median sales price of $670,000 in March 2016 to $447,000 in June 2020, it was a smart time to buy.
“If you’ve got the opportunity to buy into those suburbs because of the lower interest rates and the availability of stock and the fact that median price has come off so dramatically in the last five years, it points to more reasons to be buying rather than sitting on the fence,” he said.
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Mr Kilian said because the market was so volatile, Territorians considering buying should act now before prices increased.
“The indicators are all there to say that if you have been considering a purchase, whether it’s for residential living or whether it’s for residential investment, all of the factors are pointing in your favour to do it right now,” he said.
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Finder insights manager Graham Cooke said with low interest rates and widespread housing affordability, it was the perfect time to buy.
“With the cash rate at an all-time low and not likely to move any time soon, there has never been a better time for borrowers to reduce their repayments or for first-time buyers to get on the housing ladder,” he said.
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