IF you’re house-hunting in Cardinia, you better make sure you’re doing it with a partner.
Being single, earning the average income and under 44 years old means the only property type you might be able to purchase in Cardinia is a unit.
Following Australian Treasurer Joe Hockey’s comments on getting “a good job that pays good money”, SBS has taken it upon themselves to create an easy-to-use tool to calculate what you can afford to buy based on average salaries and average property price.
According to their tool, unless the combined incomes of a couple are put together, property in Cardinia is not affordable.
The average gross income of those aged 25-34 in Cardinia is $53,226, where the estimated gross income required to purchase the median priced unit is $61,029.
In comparison, the gross income required to purchase the median priced house is $81,943.
The average gross income for those aged 35-44 in Cardinia is $60,536, so even then, the income could still be $493 short to be able to finance a unit.
In 1985, the median price of a house was $65,000 where it is now $358,500, an increase of 451.54 per cent.
Comparatively, Casey’s median price for a house in 1985 was $68,000, and now at $405,000, it has faced a percentage rise 495.59 per cent.
The changes are drastic, but Port Phillip City has gone from $91,000 to $1,137,500, which is a percentage increase of 1150 per cent.
Despite property prices already being out of reach, home owners are being stung by Cardinia’s high rates.
On The Gazette’s Facebook page, Andrew Jenness commented: “Can’t afford to buy on single income, lucky we have a brilliant landlord that understands the cost of living”.
Reece Campbell said: “Like many others, I have bought in Cardinia Shire for the reason of affordable housing. Given the rates and the increases, I would advise others in the same position to look elsewhere”.
Similarly, Chris Dostal said: “When we looked to build here in 2010, we were drawn in by the cheap house and land packages, we were quickly stung with council levies and significant rates increases attributed toward growth.. bit of a‘bait and switch’”.
