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Housing finance commitments down

<p $$hash="9543-0">Finance commitments for home owners in Australia fell in January.

<p $$hash="9585-0">The latest results from the Australian Bureau of Statistics (ABS) showed that the number of finance commitments for home owners fell by 1.5 per cent in January compared to December last year.

<p $$hash="9589-0">However, the value of finance commitments for dwellings in Australia rose by 2.4 per cent.

<p $$hash="9554-0">ABS also found that first home buyers’ commitments remained low, with 14.9 per cent. This is because buyers are less keen and able to buy into Australia’s property market, due to its reputation for being unaffordable.

<p $$hash="9556-0">However, a recent survey has shown that Australia’s property market is becoming more affordable to buy into.

<p $$hash="9558-0">Results from the Real Estate Institute of Australia and Adelaide Bank’s Housing Affordability report found that there had been a nationwide decrease of 1.4 per cent of the portion of income people need to pay off their housing loan each month.

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Wednesday, March 13, 2013 - finance, banks, property, debt, affordability

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