Housing in Lithgow is affordable

Housing in Lithgow is very affordable for young people according to interactive mapping developed by CoreLogic RP Data to assess housing affordability in Australia for young people wanting to get into the property market.

The mapping has been developed based on average income estimates from the Australian Bureau of Statistics Wage and Salary Earner for Small Areas and Local Government Area home estimates based on the median value for the year until March 2015.

“The interactive mapping is easy to use and provides an opportunity for young people, single or married, to compare housing affordability in selected areas” said Mayor Statham.  “The Australia wide mapping shows that the Lithgow local government area is equal to or more affordable than most other NSW Council’s including Bathurst and Orange”.

For example, based on the median house values of $250k, $350k and $355k respectively for Lithgow, Bathurst and Orange the data shows that investing in the property market is affordable for a young married couple aged between 25-34 and 35-44.  However, if you are a single person looking to purchase a house in these areas, in Lithgow someone aged 25-34 could possibly afford to purchase while it would definitely be affordable for someone aged 35-44.  In comparison, according to the housing affordability mapping, a single person in Orange or Bathurst aged 25-44 would not be able to purchase a house” Said Mayor Statham.

Unit pricing across all three local government areas is affordable at a median Unit Value of $175,000 in Lithgow, $236,000 in Bathurst and $215,500 in Orange.  In this scenario, it would appear that a young person aged 25-34 in Bathurst may not be able to purchase a unit as 1) the median unit price is higher 2), the Estimate Gross Income Required to purchase a Median Priced Unit is Bathurst higher and 3) the Average Gross Income is lower than Lithgow and Orange.

The Mapping Australia: Housing Affordability calculator is available online at http://www.sbs.com.au/news/map/housing-affordability for those people considering entering the housing market to compare affordability across local government areas.

Planning and managing growth in a sustainable manner is part of Council’s Strengthening Our Economy strategy in the Community Strategic Plan 2026.

Contact:

Roger Bailey
GENERAL MANAGER
Tel: 02 6354 9999
Fax: 02 6351 4259

Maree Statham
MAYOR
Tel: 02 6354 9999
Fax: 02 6351 4259

 

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