It’s getting easier to afford property

It’s getting easier to afford property

Posted on Thursday, June 07 2012 at 11:26 AM

It’s becoming easier to invest in property or pay down mortgages, according to the Real Estate Institute of Australia (REIA).

President Pamela
Bennett says the REIA/Deposit
Power Housing
Affordability Report shows housing affordability improved over the
March quarter.

“Housing
affordability has been improving for the past three quarters,” Bennett says.

“If other factors
continue to trend in the same direction, the interest rate cuts in May and
those announced in June should bring further good news for housing
affordability next quarter.”

The March quarter
report shows that nationally, the proportion of family income to meet loan
repayments decreased by 0.9 per cent, compared to the previous quarter, and now
sits at 32 per cent.

Rental
affordability has also stabilised, but the proportion of income required to
meet weekly rent repayments is still well above the longer-term average.

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