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Affordability declines
Affordable housing is becoming harder to find across the country, according to the latest report released by the Real Estate Institute of Australia (REIA) this week.
The REIA Deposit Power Housing Affordability Report for the December quarter shows that housing affordability declined in all states and territories, except for Western Australia.
"The proportion of income required to meet loan repayments across Australia has increased from 29.0 per cent in the September quarter, to 30.7 per cent in the December quarter," said REIA President, David Airey.
Once again, the Australian Capital Territory remains the most affordable state or territory in which to own a home, where the proportion of income required to meet loan repayments increased to 17.7 per cent, or 13.0 percentage points below the national average.
New South Wales remained the least affordable state or territory in which to own a home, where
the proportion of income required to meet loan repayments increased to 33.6 per cent; 2.9 percentage points above the national average.
There was a noticeable shift over the quarter in the number of home loans to first home buyers, decreasing by 14.6 per cent - evidence that the phasing down of the First Home Owners Grant Boost (FHOG Boost) has started to impact the market.
Deposit Power's National Manager, Mr Keith Levy said that one of the biggest factors influencing the property market at the moment is the shift in buyer demographics.
"While there is still some activity from first home buyers, with the government incentives returning to normal levels, we are currently seeing more purchases from up-graders and investors", Mr Levy said.
Mr Airey added that the average Australian home loan repayment is now $1856 per month.
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