Areas with high population density have been found to dampen value growth in units, CoreLogic’s research director has said.
CoreLogic’s latest Property Pulse research has indicated that there is a significant relationship between unit values and population density.
This data comes as CoreLogic (in collaboration with ANZ) found that the latest estimate of median annual household income nationally is $100,244 before taxes and assuming 30 percent of this income is used on mortgage repayments at current average variable rates (around 6.3 percent), an affordable dwelling purchase would be around $503,000.
However, as home values continue to climb, this affordable purchase price is below most actual dwelling values as the median Australian unit price sits around $640,000, while the median house price is around $834,000.
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