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Housing affordability improving, says REIA

REIA says housing affordability is improving in Australia.

For a long time, Australian property has been becoming more affordable, says the Real Estate Institute of Australia (REIA).

According to REIA and Adelaide Bank's Housing Affordability Report, the amount of income a resident in Australia spends on financial commitments for their house decreased by 0.5 percentage points in the first quarter of 2013 to 29.9 per cent.

This is no doubt largely due to the rate cuts from the Reserve Bank of Australia (RBA), which has meant people are paying less interest on their mortgages.

President of REIA, Peter Bushby, said: "Housing affordability has been slowly improving for seven consecutive quarters, with the proportion of income required at its lowest since the December quarter 2009."

News like this is good for people looking to emigrate to Australia as the country has a reputation for overly expensive housing, even though many look to move there as they are drawn in by its lifestyle, climate and strong economy compared to other parts of the world.

Posted by Craig Francis

- property, affordability, RBA, interest, rates, income, bank

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