Housing unaffordability is at a record high – with mortgage repayments in Sydney taking up more than 61 per cent of disposable household income – and rising interest rates will hit borrowers further, according to new Barrenjoey analysis.
Rising rates have brought mortgage serviceability – less of an issue in a low-rate era when scraping together a deposit was the biggest hurdle – to the fore.
“We expect the national price to income ratio will fall from its high of 10.5 times to about 8 times income by 2024 – roughly equivalent to the ratio seen prior to the pandemic,” the report says.
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