National housing affordability takes a hit in December quarter

National housing affordability takes a hit in December quarter
National housing affordability takes a hit in December quarter

National housing affordability declined in the December quarter, affecting nearly all states and territories, a new report has found.

Victoria and the Northern Territory were the only places where affordability increased, research from the Real Estate Institute of Australia (REIA) and Adelaide Bank found.

Tasmania was the hardest hit, said REIA President Adrian Kelly.

“Rental affordability, for the quarter, marginally declined across the country,” Kelly said. 

“With the exception of New South Wales, Victoria and Tasmania, rental affordability declined in all states and territories with the largest decline in the Northern Territory. 

“Victoria was the only state or territory in which both housing affordability and rental affordability improved.

“Despite the Christmas break, the number of loans has increased across the country by 3.3%, with increases in all states and territories except Queensland. 

Kelly said during the quarter, the number of loans to first home buyers has increased, with increases in all states and territories.

The number of loans to first home buyers as a proportion of all loans has also increased over the quarter. 

“Tasmania, the Northern Territory and the Australian Capital Territory all had relatively large increases in loans to first home buyers,” Kelly said.  

Tags: 
National Housing Affordability

Comments

Be the first one to comment on this article
What would you like to say about this project?