Housing affordability has improved across the country in all states and territories, with a large increase in the number of loans to first home buyers, according to the Real Estate Institute of Australia (REIA).
The September quarter edition of the Adelaide Bank/REIA Housing Affordability Report shows that the proportion of median family income required to meet average loan repayments decreased by 1.2 percentage points to 30.3 per cent.
REIA President Malcolm Gunning said first home buyers now make up 24.5 per cent of the total owner occupied housing market (excluding refinancing).
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REIA News – March 2021