Housing now more affordable in QLD: Adelaide Bank/REIA report

first_imgHousing affordability has improved and more first home buyers are in the market, according to a new report.HOUSING affordability in Queensland improved in the last quarter as the average proportion of household income required to meet home loan repayments fell.The latest Adelaide Bank/REIA Housing Affordability Report reveals the proportion of income required to meet mortgage repayments in the state decreased half a per cent to 26.8 per cent in the three months to the end of September. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE Rental affordability in Queensland also improved over the quarter with the proportion of the median family income required to meet the median rent dropping 0.2 per cent to 22.8 per cent.Both mortgage and rental affordability were better in September than they were at the same time a year earlier. Housing affordability has improved in Queensland, according to a new report.Real Estate Institute of Australia president Malcolm Gunning said first home buyers now made up 24.5 per cent of the total owner occupied housing market (excluding refinancing).“This is the highest rate since September 2013 after dropping steadily over the past 5 years,” Mr Gunning said. LIVING LIFE OF LUXURY The biggest increases in first home buyers were in New South Wales, Victoria, the Northern Territory and the Australian Capital Territory.Nationally, rental affordability improved in Queensland, South Australia, Western Australia and the Northern Territory, remained steady in Victoria and declined in NSW, Tasmania and the ACT. New report finds housing affordability has improved nationally. Image: AAP/Sam Mooy.More from newsParks and wildlife the new lust-haves post coronavirus22 hours agoNoosa’s best beachfront penthouse is about to hit the market22 hours agoThe report found more first home buyers are in the market, with the number of loans to first home buyers in Queensland increasing by 4.5 per cent over the quarter — up 18.5 per cent compared to the same time in 2016.Of all Australian first home buyers over the quarter, 21.7 per cent were from Queensland, while the proportion of first home buyers of the state’s owner-occupier market was 26.1 per cent. FEWER QUEENSLANDERS IN MORTGAGE STRESS The average loan size to first home buyers fell 1.9 per cent to $290,600.Housing affordability improved across the country in all states and territories, with the proportion of median family income required to meet average loan repayments falling 1.2 per cent to 30.3 per cent.last_img

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