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REIA highlights affordability improvements

Affordability in the Australian property sector is improving.

The Real Estate Institute of Australia (REIA) has highlighted increasing affordability in the Australian property sector.

Data from the organisation revealed the home sector has been steadily but gradually improving over recent years, with the latest announcement of a further 0.25 basis point rate cut by the Reserve Bank of Australia further helping to boost affordability for buyers and property owners.

REIA president Pamela Bennett commented: "The proportion of income required to meet loan repayments decreased slightly, just 0.1 percentage points to 31.8 per cent. Housing affordability has been improving very gradually for five consecutive quarters."

She added that the market is therefore showing a "quiet confidence". Victoria saw the greatest improvements in affordability during the last quarter, followed by New South Wales, Queensland and the Northern Territory.

The news follows the publication of data from the Housing Industry Association highlighting a contraction in new building approvals. Overall, the country saw a 7.6 per cent downturn in October.

Posted by Steve Douglas

- affordability, housing, property, income

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