Home buyers in Australia are feeling more confident about affordability.
The latest annual Housing Affordability Sentiment Index (HASI) from realestate.com.au has revealed that confidence has increased across states and demographics across Australia in the last 12 months.
HASI surveys Australian sentiment based on their experience of financial position, experience of affordability, outlook on financial position and outlook on affordability. It measured an increase of 0.1, raising the index to 4.5.
First homebuyers were also measured to be on the increase by HASI, despite contrasting reports stating that they are being priced out of the market.
A number of economic changes has improved housing affordability in Australia in recent times. The 11 cuts that the Reserve Bank of Australia has made to its benchmark interest rate, which currently sits at 2.5 per cent, resulted in cheaper financial commitments for property buyers. Additionally, wages have been rising across the country and raising disposable income.
Posted by Steve Douglas