If so you’re not alone, because there’s a wave of research showing people are finding it increasingly difficult to buy a home, particularly in one of Australia’s five major cities.
HSBC research found Australian home prices have risen 24 per cent in the past three years, with Sydney jumping by 39 per cent.
According to the Australian Bureau of Statistics, in 2014 the Sydney market grew by 12.2 percent, and the Melbourne market grew 4.5 per cent.Read more
Treasury boss John Fraser recently said the Sydney housing market was in a housing bubble, and on 10th June (2015) Reserve Bank boss, Glen Stevens, said house prices in the NSW capital were “crazy”. Mr Stevens said the steep rises in property prices in Sydney, Australia’s biggest city, were ‘acutely concerning’ and that the issue was a social problem.
Sydney houses are the third least affordable in the world
The study revealed property prices in Sydney is among the least affordable in the world in third position, beaten only by Hong Kong in first position and Vancouver, second. Melbourne’s property prices worsened against the study’s findings twelve months ago and now ranks the sixth worst city in the world for disparity between house prices and incomes.Read more
Now in it’s 11th year, the Demographia International Housing Affordability Survey ranks 378 “metropolitan markets” in nine countries – Australia, Canada, China, Ireland, Japan, New Zealand, Singapore, the United Kingdom and the United States. Of those 378 metropolitan markets, 86 are “major metropolitan markets” – those markets with a population of more than 1 million.
The study’s research is based on the “Median Multiple” – a ratio of the median house price to the median income. It found that over recent years, in a number of markets, house prices have been “decoupled” from the traditional relationship of two to three times median income. Those markets include Sydney, Auckland, London, Vancouver and San Francisco, all of which have severe land use restrictions (typically “urban containment” policies) that are associated with higher land prices and in consequence higher house prices.
To appreciate just how expensive housing is in Australia, the example given by Lindsay David in his book Australia: Boom to Bust, might help. David cites the example of the median house price in Mildura, Australia as being similar to house prices in Chicago, USA. To put this in perspective, Mildura is a country town on the Victoria / New South Wales border with a population of around 30,000, and Chicago is the third biggest city in the United States.
Imagine how much money you could save if you didn’t pay rent!
A look at house sitters’ profiles on house sitting websites servicing Australia reveal more and more people turning to house sitting as a way of saving money to achieve their goals – overseas trips, small business capital and deposit for a home.
To better understand what’s going on in the world of house and pet sitting, we spoke to Ian White of House Carers. In 2000 Ian pioneered the world’s first house sitting website, so we figured he’d have his finger on the pulse of trends among house sitters. Ian confirmed that in recent years there has been an increase in people house sitting to create a window of opportunity to save home deposit.
“House sitting is becoming increasingly popular with young people who are finding it difficult to buy a home because of rising prices, high rents and less job security than in the past”. Ian said from his home in Newcastle, New South Wales.
“We have a lot of success stories of people who have managed to save money for a home deposit.” he said.
If you are trustworthy, reliable, love animals and known to do the right thing by others, like hundreds of Aussie house sitters, you just might find house sitting can provide you with the break you need to save that illusive home deposit.
What exactly is house sitting?
The concept is simple. We explain more here
House Sitting is a booming world-wide trend
The practice of house and pet sitting is growing globally at a phenomenal rate.
On the one hand baby boomers are retiring in droves – from work, but not from life.Read more
On the other side of the house sitting fence are people who become house sitters.Read more
Every day, hundreds of Aussie home owners place ads on house sitting websites in search of house and pet sitters. Traditionally the majority of ads have been for House Sitters Wanted for two to four weeks. However, recent years has seen an increase in ads seeking sitters for months at a time.
The keys to house sitting success
Compare Housesitting™ provides insider information, hints and tips from both sides of the house sitting fence to help people identify how they, too, can benefit from house sitting. Our objective is to provide the keys to house sitting success – and one of the first keys is to know which house sitting site is best for you.