Good news for home buyers and renters: REIA
Good news for Queensland
Good news for Queensland residents house affordability has stayed the same in the June quarter, according to the Real Estate Institute of Australia.
REIA President Neville Sanders says while most states and territories saw improvements in affordability, Queensland and New South Wales didn’t decline.
Disappointingly the proportion of first home buyers appears to be on a downward spiral and is at its lowest for over two decades.
The only quarterly decline was seen in the Australian Capital Territory.
“Victoria recorded the greatest improvement across the country with the proportion of income required to meet average monthly loan repayments decreasing by 1.7 percentage points to 31.0%.”
“The quarter also brought good news for renters with rental affordability improving as the proportion of the median family income required to meet median rents declining from 25.1% in the March quarter to 24.8% in the second quarter of 2016.
“The Northern Territory saw the best improvement, followed by South Australia and Tasmania.”
Western Australia has the largest proportion of first home buyers in the owner-occupier market nationally,” concluded Mr Sanders.
