Region rated ‘unaffordable’ due to low average wages
THE Fraser Coast is the second least affordable place to buy a home in Queensland - because residents have a low average household income.
The region was described as severely unaffordable in an international comparison with 337 urban markets in seven countries.
Of the 39 Australian regions listed in the 9th annual Demographia International Housing Affordability Survey, the Fraser Coast ranked 31st.
Its poor cost-to-income ratio saw it placed as the 313th least affordable market, ahead of just 24 others.
In money terms, the average Fraser Coast home ($280,000) would cost 6.7 times the median household income ($41,600).
Bundaberg (309), Brisbane (295) and Gladstone (260) all ranked higher than the Fraser Coast, while Townsville (246) was listed as the most affordable in Queensland. Shepparton (233) was the best performed Australian market.
Detroit, Michigan, was found to be the best performing market on the list. Its average household income would pay off a home in almost 1.5 years.
