Very clever use of stats there finnet. 22 years ago I built a modest new home in what would have been considered the outer suburbs, for around $150K including land. Today I can get a similir sized Burbank house in an outer suburb location for around $300K. Have salaries doubled in 22 years? Close to if not.
I needed a $20K deposit. Assuming you now need a $40K deposit, you are looking at a loan of around $260K, give or take. Let's say $280K to cover extras, thats a monthly repayment of $1932 per month. You know what's ironic for a decent early period of my loan I was almost paying as much interest per month on a $130K loan on a salary 20 years ago.
As I said before, people want too much too quickly today. It's a 'I want everything now' world. Live within your means and the Australian dream of a house and garden is imminently possible, much moreso than many countries overseas.
Interest rates only play a factor if you over-borrow beyond your means. The greater risk is unemployment. If you are unemployed it doesn't matter what the interest rate is. Ask our US friends.
