Houses are getting more affordable – at last
According to the latest Housing Affordability Report by Adelaide Bank and The Real Estate Institute of Australia, residential property is becoming more affordable. The proportion of household income required to meet the average home loan repayments fell by 2.4 percentage points to 30.0 per cent in the first three months of 2016.
All states and territories saw improvements in housing affordability except the Northern Territory. New South Wales saw the greatest improvement with the proportion of income needed to meet loan repayments falling 4.0 percentage points to 35.4 per cent. Victoria dropped 1.9 percentage points to 32.7 per cent. ACT has the most affordable houses with the income needed to meet loan repayments down 0.6 percentage points to 19.3 per cent.
Source: Mortgage Business