Homes getting less affordable, even in country

Housing affordability fell by 9.1 per cent in the June quarter across capital cities and 6.7 per cent in regional markets, according to the latest HIA-CBA Housing Affordability Report. Rising home values and increasing borrowing costs has slashed housing affordability by 32 per cent compared with last year. “As housing affordability slips away, so too does the chance for many Australians to realise their dream of owning a home,” HIA chief economist Harley Dale said.

“There has been a dire lack of commitment in this federal election campaign to address the substantial hurdles aspiring home owners face. According to the HIA-CBA Index, the largest falls in affordability were recorded in Sydney (-9.1 per cent), Regional Victoria (-9.0 per cent), Regional Tasmania (-8.8 per cent), and Adelaide (-8.7 per cent).

Source: The Advisor