As interest rates continue to shrink on home loans, the ability for people to buy their own home also reduces.
According to the REIA Housing Affordability Report for the December 2019 quarter, affordability has declined another two per cent.
In practical terms this means the proportion of income required to meet loan repayments has increased to 34.7 per cent, equating to a two per cent increase over the quarter.
“Across Australia in the last quarter, housing affordability has declined in all states and territories except for the Northern Territory where there was an improvement,” said REIA president Adrian Kelly.
Download the full media release here:
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REIA News – March 2021