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Housing affordability on the up

4 Sep 12

Real Estate Institute of Australia President, Ms Pamela Bennett says “The June quarter 2012 recorded an improvement in housing affordability with the proportion of income required to meet loan repayments decreasing 0.8 percentage points to 31.9%.”
“Largely due to a higher average income, the Australian Capital Territory remained by far the most affordable state or territory in which to buy a home, with the proportion of income required to meet loan repayments at 17.2%. New South Wales remained the least affordable state or territory in which to buy a home with the proportion of income required to meet loan repayments decreasing to 37.4%.”
Ms Bennett says, “Compared to the 2011 June quarter, all states and territories recorded improvements in housing affordability. The largest decreases in the proportion of income required to meet loan repayments were evident in Tasmania and Victoria, down 4.7 and 4.3 percentage points respectively.”
“Median house prices increased 1.4% over the June quarter with Darwin recording a 10.7% increase compared to the same time last year”.
In Queensland, the number of loans to first home buyers increased 2% over the quarter and 37.6% compared to the June 2011 quarter. In South Australia, the number of first home buyer loans increased 8% over the June quarter. The number of loans to first home buyers in Western Australia increased by 9.9% over the June quarter and 29% compared to the same time last year.”
“In the rental market, with the exception of Victoria and Western Australia, all states and territories recorded improvements in affordability over the June quarter,” Ms Bennett concluded.
The Adelaide Bank/REIA Housing Affordability Report includes data from all major lending institutions, the Australian Bureau of Statistics (ABS) and Cannex Ltd and is the most authoritative indicator of Australian housing affordability currently available.
 

The Real Estate Institute of Australia (REIA) is the national professional association for real estate agents in Australia. For further information or interview opportunities, please contact:

Pamela Bennett REIA President 0412 212 313
Amanda Lynch REIA CEO 0419 123 862
Andrea Close REIA Manager Communications 0403 298 685
 

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