Declining interest rates and rising income spur improving housing affordability

September 2nd,2015

A new report released today shows an improvement in overall housing affordability over the June quarter with the positive development seen in seven out of eight Australian states and territories.

The latest edition of the Adelaide Bank/REIA Housing Affordability Report, released today by the Real Estate Institute of Australia, provides a comprehensive update for the sector using the latest data for the June Quarter 2015.

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 30.3%. The figure decreased 0.5 percentage points during the quarter and 0.6 percentage points compared to a year ago largely supported by declining interest rates and rising income.”