Acting president Pamela Bennett said that the June quarter REIA Deposit Power Housing Affordability Report may have showed a small improvement in housing affordability in Australia, but there is still a long way to go.
She explained that the proportion of income required to meet loan repayments is 25.1 per cent.
"[This] means that the average Australian household is spending about $370 [£247] on weekly loan repayments; an additional $150 per month on top of what they were spending two years ago," Ms Bennett said.
Last month, the Property Council of Australia claimed that a new homebuyer grant in Queensland will bolster the affordability of Australian property in the state.
Posted by Steve Douglas