The latest edition of the Adelaide Bank/ REIA Housing Affordability Report shows that overall housing affordability in Australia declined over the September quarter with homes becoming less affordable in five out of the eight states and territories.
The report provides a comprehensive update for the sector using the latest data for the September Quarter 2015.
REIA President Neville Sanders says, “The latest REIA Housing Affordability Report shows that the proportion of median family income required to meet average loan repayments was 31.7%. The figure increased 1.4 percentage points during the quarter and 1.3 percentage points compared to a year ago largely due to the increasing size of new loans.”
“Sadly, the deterioration was seen in most states and territories and the overall level of housing affordability now is at its worst level since March 2013. Western Australia and the Australian Capital Territory were the only jurisdictions to record improvements while the proportion of the median family income required to meet average loan repayments remained unchanged in the Northern Territory.”
“Already the least affordable, New South Wales recorded the biggest fall in housing affordability across the country. New South Wales is still the only state or territory with an average loan size above $400,000, however Victoria follows closely at $390,503.”
“The report shows overall rental affordability improved over the quarter with 24.6% of the median family income now required to pay median rents. The proportion of the median family income required to meet median rents was sitting at 23.4% in Queensland, 23.2% in South Australia and 24.1% in Tasmania.”
