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HIA reports improving affordability

Homes across Australia are becoming more affordable for buyers.

New data from the Housing Industry Association (HIA) has highlighting improving affordability for Aussies planning to purchase property in the current financial climate.

The latest HIA-CBA (Commonwealth Bank of Australia) Housing Affordability Index for the three months to the end of September revealed a 5.3 per cent increase in affordability in comparison to the previous quarter.

Furthermore, the figures were 15 per cent better than those recorded in the same period last year.

HIA chief economist Harley Dale told Australian Property Investor this news marks a seventh quarterly consecutive upturn for the property market.

He added: "The run of consecutive improvements in some regional indices is even longer, in some instances showing affordability has reached levels not seen since the early 2000s."

The news follows recent comments from Australian Property Monitors' senior economist Dr Andrew Wilson, who stated the country's property market "remains sold", with prices rises by 0.1 per cent on average during the September quarter.

Posted by Steve Douglas

- HIA, affordability, housing, property

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