According to a recent report from the Real Estate Institute of Australia (REIA), the Australian housing and rental markets recorded a slight improvement in affordability in the first three months of the year .
During the quarter, the share of income required to meet mortgage repayments and monthly rent decreased slightly to 34.7% and 23.5%, respectively.
In terms of accessibility to housing, only Victoria, Tasmania and Western Australia did not report any improvement. In contrast, the Australian Capital Territory recorded the largest decline in the share of income needed to meet loan repayments. Meanwhile, Queensland, Western Australia and the Northern Territory have all posted improved rental affordability.
Read also: Will real estate prices fall?
The REIA report also showed that although the total number of loans granted during the March quarter decreased compared to the previous quarter, it exceeded the figure recorded during the same period by 4.2%. last year.
The share of first-time home buyers also increased 23.1% from the same quarter of last year.
"With the introduction of the first-time home buyers' deposit system in January, we expect the share of first-time home buyers to continue to grow," said Adrian Kelly, President of REIA.
The tables below present the measures of accessibility to housing and rent in each State:
Main suburbs:
superior kedron
,
new city
,
Scarborough
,
st peters
,
fresh water
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