I was wondering why such stats are compiled and published. Is it going to influence house sales, I dont think so. Is it going to influence lenders, I dont think so. Is it going to influence government policy, I dont think so.
Is it designed to sell some publication, could well be.
Now I hear some of you say, but the facts still stand, do they?
Allowing for the diversity of house types and house prices even in a limited area does anyone actually believe that the median price is a measure of what is borrowed and hence paid to buy a property.
At the median price level most buyers would have sold a property and used and accumulated capital gain to reduce the required mortgage.
If the average mortgage was compared to the average household income then a very different picture would result.
If on the other hand its saying that a first home buyer (mortgage near purchase price) cannot afford the median house price, has that ever been so?
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