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Housing affordability 'will improve this year'

The affordability of property in Australia will increase this year, Tim Lawless of RP Data has claimed.

Housing affordability will improve over the course of this year, an Australian property expert has claimed.

Tim Lawless, director of property research at RP Data, wrote in a piece on smartcompany.aom.au that many factors will help the affordability of houses and apartments in the country to increase.

"Housing finance commitment volumes have levelled and are now improving slightly, unemployment is at five per cent [and] wages are growing at a level above inflation," he explained.

He went on to say that sales activity was slow in 2010, but suggested that sales volumes will improve this year.

Mr Lawless warned, however, that people should not expect sales volumes to revert to ten-year average levels and any improvement should be seen as positive.

Last month, David Airey, president at the Real Estate Institute of Australia, said that house prices are stabilising and he hopes the Reserve Bank of Australia's interest rate freeze will help the affordability of property in the country to increase.

Posted by Ravin Chatlani 

- property, affordability

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