Housing and rental affordability have declined across Australia as limited stock levels, inflation and interest rates continue to create trepidation in the market, the latest Real Estate Institute of Australia (REIA) Housing Affordability Report has found.
REIA President, Mr Hayden Groves said housing affordability has declined over the March Quarter 2022, with the proportion of income required to meet loan repayments increasing to 37.3%, an increase of 0.2 percentage points.
“Housing affordability improved in New South Wales and the Northern Territory, remained stable in the Australian Capital Territory but declines in all other states.
