Median house prices making home ownership unattainable for many in Macarthur

Median house prices making home ownership unattainable for many in Macarthur

The median cost of buying a home in more than 25 suburbs in the Macarthur region has grown by more than 10 per cent in the past 12 months, new figures reveal.

The data will come as no shock to local would-be homebuyers, who have found it increasingly difficult to enter the property market.

The median cost of buying a home has jumped by about 21.9 per cent across the nation in the past year, but several Macarthur suburbs have come in even more than that.

Figures from Domain's September 2021 House Price Report reveal the median price of homes in Airds (30.3 per cent), Denham Court (25.6 per cent) and Leppington (22.6 per cent) have all risen more than the Australian average in the last 12 months.

The report reveals that the median price for a home in Australia is now sitting at $994,579, and two Macarthur suburbs have median prices higher than that: Glen Alpine ($1 million) and Harrington Park ($1.2 million), the data demonstrates.

Macarthur MP Dr Mike Freelander believes the massive growth trends are pricing Macarthur residents out of owning their own home.

"Young people in Macarthur are finding it increasingly harder to get ahead," he said.

"Even with a substantial deposit, many prospective homebuyers in our region are finding it impossible to crack into the present housing market."

Dr Freelander said 2016 Census data showed just 23.9 per cent of Macarthur residents owned their property outright, and approximately 30.6 per cent of the population was renting.

He also cited more recent data from UNSW, which revealed 68 per cent of all mortgage holders, renters and investors in Macarthur were experiencing financial stress.

"It is harder than ever before to buy your own home," Dr Freelander said.

"The rising cost of living, low wages growth, and a housing market geared heavily in favour of wealthy investors has made it increasingly difficult for future generations to get ahead.

"Housing affordability has only got worse under the [government] and at the same time, they have deliberately kept wages low."

He said the most recent Census data showed the median personal income for a Macarthur resident was $669, making it difficult to achieve a home loan with current housing market prices.

Latest median house price figures from Domain

  • Airds: $620k median, 30.3 per cent YOY growth
  • Ambarvale: $660k median, 20 per cent YOY growth, 26.6 per cent five-year growth
  • Appin: $840k median (data unavailable for growth)
  • Bardia: $750k median, 7.2 per cent YOY growth
  • Bradbury: $650k median, 11.1 per cent YOY growth, 22.3 per cent five-year growth
  • Camden: $832k median, 34.2 per cent five-year growth
  • Camden South: $770k, 14.7 per cent YOY growth, 25.2 per cent five-year growth
  • Campbelltown: $665k median, 16.7 per cent YOY growth, 20.9 per cent five-year growth
  • Catherine Field: $735k median, 11.9 per cent YOY growth
  • Cobbitty: $815k median, 9.4 per cent YOY growth, 11.3 per cent five-year growth
  • Currans Hill: $715.5k median, 13.9 per cent YOY growth, 23.5 per cent five-year growth
  • Denham Court: $873k median, 25.6 per cent YOY growth, 45.7 per cent five-year growth
  • Eagle Vale: $663k median, 10.6 per cent YOY growth, 27.6 per cent five-year growth
  • Elderslie: $817.5k median, 16.8 per cent YOY growth, 22 per cent five-year growth
  • Gledswood Hills: $925k median, 17.1 per cent YOY growth, 23.5 per cent five-year growth
  • Glen Alpine: $1 million median, 20.5 per cent five-year growth
  • Glenfield: $760k median, 10.1 per cent YOY growth, 18.4 per cent five-year growth
  • Gregory Hills: $787k median, 15.1 per cent YOY growth, 13.9 per cent five-year growth
  • Harrington Park: $1.2m median, 21.2 per cent YOY growth, 37.9 per cent five-year growth
  • Ingleburn: $716k median, 12.3 per cent YOY growth, 21.9 per cent five-year growth
  • Leppington: $679k median, 22.6 per cent YOY growth, 8.9 per cent five-year decrease
  • Leumeah: $668k, 10.6 per cent YOY growth, 26 per cent five-year growth
  • Macquarie Fields: $635k median, 9 per cent YOY growth, 22.1 per cent five-year growth
  • Minto: $705k median, 14.3 per cent YOY growth, 24.1 per cent five-year growth
  • Mount Annan: $807,572 median, 6.3 per cent YOY growth, 20.8 per cent five-year growth
  • Narellan: $731,750 median (data unavailable for growth)
  • Narellan Vale: $795k median, 18.7 per cent YOY growth, 23.3 per cent five-year growth
  • Oran Park: $790k, 11.3 per cent YOY growth, 6.8 per cent five-year growth
  • Picton: $800k, 13.1 per cent YOY growth, 29.3 per cent five-year growth
  • Raby: $700k median, 15.2 per cent YOY growth, 25.5 per cent five-year growth
  • Rosemeadow: $680k median, 13.3 per cent YOY growth, 26.5 per cent five-year growth
  • Silverdale: $850k median, 13.5 per cent YOY growth
  • Spring Farm: $785km 12.1 per cent YOY growth, 17.2 per cent five-year growth
  • St Andrews: $718k median, 15.8 per cent YOY growth, 26.3 per cent five-year growth
  • St Helens Park: $668k median, 14.8 per cent YOY growth, 28.4 per cent five-year growth
  • Tahmoor: $693k median, 20.1 per cent YOY growth, 30.1 per cent five-year growth
  • Thirlmere: $691k median, 9.5 per cent YOY growth, 26.8 per cent five-year growth
  • Wilton: $800k median, 13.2 per cent YOY growth