Housing affordability improves on the back of falling interest rates

The Real Estate Institute of Australia (REIA) says that in the first quarter of 2015, housing affordability in Australia improved, however affordability is still worse compared to the same time last year.

 REIA President Neville Sanders says, “The latest Adelaide Bank/REIA Housing Affordability Report shows that the proportion of median family income required to meet average loan repayments was 30.8%. The figure decreased 0.7 percentage points during the quarter largely supported by declining interest rates.” To read the full media release click here