news

Affordability takes a beating

By webmaster

Housing affordability continues to decline across Australia, according to the latest Real Estate Institute of Australia Deposit Power Housing Affordability Report.

The report, released yesterday, showed housing affordability had declined across all states and territories with the proportion of income required to meet loan repayments increasing nationally from 30.7 per cent in the December quarter 2009, to 32.6 per cent in the March quarter 2010.

“It has now been 12 months since we have seen any improvement in housing affordability. In March 2009, the proportion of income required to meet loan repayments was 28.8 per cent. Nationally, the average Australian household is now spending an extra $143 per month on their mortgage, compared to the previous quarter,” REIA president David Airey said.

The ACT remains the most affordable state or territory in which to own a home where the proportion of income required to meet loan repayments increased 0.2 percentage points to 17.9 per cent; 14.7 percentage points below the national average.

NSW is the least affordable state or territory in which to own a home, with the proportion of income required to meet loan repayments increasing 0.9 percentage points to 34.5 per cent.

Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%
Affordability takes a beating
SPI logo