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Australian property is more affordable

New reports show that Australian property is becoming more affordable.
<div $$hash="6574-0"><p $$hash="6586-0">New figures show that houses in Australia are becoming more affordable.



<p $$hash="6573-0">The Real Estate Institute of Australia (REIA) and Adelaide Bank have released their Housing Affordability Report, saying that the amount of income required to pay for home loans has decreased by 1.4 per cent.



<p $$hash="6600-0">For Western Australia, homes are now the most affordable they have been since 2010. People living here spend 22 per cent of their income on loan repayments for their homes on average.



<p $$hash="6598-0">This is largely due to the increase in wages in the area, as a well as a fall in interest rates following the Reserve Bank of Australia’s cuts.



<p $$hash="6596-0">Australia is known to have an expensive property market compared to the cost of living. However, it is a good environment for property investors to buy into, as dwellings tend to sell for high prices.



<p $$hash="6593-0">House prices in Australia have been increasing for some time, with the lastest RP Data Rismark Home Value Index reporting a nationwide rise of 0.3 per cent.



<p $$hash="6601-0">Posted by Craig Francis

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