in the article Houses cheap down Memory Lane by the Herald we get to ponder just what it would be like to have purchased 5, 10 or even 20 of those properties back in 1996.
The reality is …you couldn’t have but it’s nice to day dream.
The article also points out that the city’s median price was $293,471. It is now $694,500.
Incomes have not risen as quickly during that same time period with a quick look at figures from the Census of 1996 and 2013 which show a median “annual personal income” (which includes benefits, wages and salaries for anyone aged over 15) of $15,000 and $28,000 respectively.
You could buy properties on the outskirts of the city for considerably less in 1996. A three-bedroom weatherboard in Flat Bush had an asking price of $69,000 and required a deposit of just $6500.
So, when are you getting on the property ladder?