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Victoria second most expensive state for property

The second most expensive state for property in Australia is Victoria, a new report has shown.

Victoria is the second most expensive state when it comes to buying property in Australia, the Real Estate Institute of Australia's latest Housing Affordability Report has shown.

Increasing house prices and interest rates have caused the affordability of property in the state to decline, the report reveals.

The proportion of the average family income required to pay the average loan was 36.1 per cent at the end of the December quarter of 2010.

According to the Real Estate Institute of Victoria, the main reason for this "is that incomes have increased at a slower rate than loan repayments have".

The institute went on to say "that the biggest issue for home buyers and owners in 2011 will be housing affordability".

Earlier this week, Terry Ryder, founder of real estate advice site hotspotting.com.au, wrote in a piece for the Australian newspaper that claims of property in Australia being unaffordable are nonsense.

Posted by Ravin Chatlani

- property, Victoria, interest, rates, income

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