Housing affordability declined across all Australian states in the December quarter of 2016, with New South Wales remaining the least affordability state or territory for homebuyers, according to the Real Estate Institute of Australia.
The latest Adelaide Bank/REIA Housing Affordability Report saw the proportion of income required to meet loan repayments rise to 30.4 per cent, an increase of 0.9 percentage points over the quarter but a decrease of 1.9 percentage points compared to the corresponding quarter of 2015.
REIA President Malcolm Gunning said historically low interest rates and modestly rising incomes were unable to offset the increasing size of mortgages resulting in the rise in the proportion of the median family income required to meet average monthly loan repayments.
GROWTH IN HOUSING FINANCE APPROVALS RESUMES
2021 OFFERS UNIQUE OPPORTUNITY FOR LATE AUTUMN AND WINTER SALES
RENTS CONTINUE RECOVERY FROM COVID IMPACT
All-star line-up for REIA National Awards for Excellence 2021 to be held in the Top End
HOMES SHOULD BE AT THE HEART OF BUDGET 2021 AS AUSSIE JOBS COME BACK ONLINE
RAPID GROWTH IN HOUSING FINANCE APPROVALS SLOWING DOWN
AUSTRALIAN HOUSING PRICES SOAR BY 500% OVER PAST 25 YEARS