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Affordability of Australian property 'has improved'

An improvement was seen in the affordability of Australian property in the first three months of 2011, a report has shown.

The affordability of property in Australia improved in the first quarter of the year, a new report has revealed.

 

 

According to the Real Estate Institute of Australia's (REIA's) Deposit Power Housing Affordability Report, an increase of 1.1 percentage points was seen in the first three months of 2011.

 

 

REIA president David Airey said: "This is good news but not good enough to get excited about."

 

 

He went on to explain that there was a decline of 1.9 per cent in the average monthly loan repayment and an increase of 1.2 per cent in the median family income over the quarter.

 

 

It is these factors that caused the reduction in the proportion of family income required to meet loan repayments.

 

 

The RP Data-Rismark Home Value Index recently revealed that the price of property in Australia's state capital cities fell by 0.3 per cent in April.

 

 

Tim Lawless, RP Data's research director, claimed that expensive suburbs are largely responsible for the market's overall price decrease.

 

 

Posted by Craig Francis

- property, affordability, loan, mortgage, bank

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