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ABS: Buying Power Has Progressed

By Brett Pilgrim

Australia's buying power has improved over the past decade according to the Measures of Australia's Progress 2013 (MAP) figures released by the Australian Bureau of Statistics (ABS) on November 14.

ABS decided there has been progress in this particular area due to an increase in 'real net national disposable income per capita' (RNNDI).

During the past decade, Australia's RNNDI grew from $40,600 per person to $51,800. This was achieved by an annual growth of approximately 2-3 per cent.

While the ABS data measures the buying power for households to purchase goods and services such as food, clothing, education and health, it can also be used as an indicator to Australians' ability to invest in larger assets, such as infrastructure or real estate in Adelaide.

Another important section of the MAP figures shows rental prices have steadily increased over the past decade, which indicates a persistent decline in affordability for tenants.

Weekly rental costs in 2012 represented 30 per cent of the average household salary for low income households, compared to 26 per cent in 2003.

With the decline in rental affordability and increases in buying power, now might be the best time to consider leaving life as a tenant and buying your first property in Norwood or other areas of Adelaide.

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