Moving to Australia: affordable housing
07 September 2016 by News DeskMoving to Australia: Housing affordability in the June quarter 2016 improved to levels last seen seven years ago.
Moving to Australia is made easier by this week’s Reserve Bank decision not to increase interest rates which remain the same at 1.5 per cent.
And new housing affordability data shows the proportion of average family income needed to meet average mortgage payments was 29.4 per cent, the best level since June 2009.
Good news also includes data that shows a rise in average household income across the country.
Most states and territories saw improvements in housing affordability, a new report by Adelaide Bank/REIA says.
The only quarterly decline was seen in the Australian Capital Territory while no change was recorded in New South Wales and Queensland.
Moving to Australia: affordable housing
Victoria recorded the greatest improvement across the country with the proportion of income required to meet average monthly loan repayments decreasing by 1.7 per cent to 31.0 per cent.
Recent mortgage lending figures show that owner-occupiers are the dominant force in the housing market.
There has been a fall in growth of investor activity following new financial rules laid down by the government.
Western Australia has the largest proportion of first home buyers in the owner-occupier market nationally.
Rental affordability has also improved as the proportion of average family income needed to meet average rents has fallen from 25.1 per cent to 24.8 per cent.
Rental affordability has improved most in the Northern Territory followed by South Australia and Tasmania.
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