Mar­ket tops south­ern states

The lat­est na­tional prop­erty data high­lights Queens­land ‘s hous­ing af­ford­abil­ity as bet­ter than those of Vic­to­ria and New South Wales, which is great news for buy­ers

The Courier-Mail - Property - - REALESTATE MARKET OUTLOOK -

QUEENS­LAND’S hous­ing af­ford­abil­ity con­tin­ues to outshine New South Wales and Vic­to­ria, ac­cord­ing to the lat­est na­tional prop­erty data.

The Real Es­tate In­sti­tute of Aus­tralia (REIA) Ade­laide Bank/REIA Hous­ing Af­ford­abil­ity Re­port found NSW re­mained the least af­ford­able place in the coun­try to buy a home, fol­lowed by Vic­to­ria.

Of the three most pop­u­lous states in Aus­tralia, Queens­land re­mained the most af­ford­able to pur­chase prop­erty.

Ac­cord­ing to the re­port, Queens­land recorded an im­prove­ment in hous­ing af­ford­abil­ity over the Septem­ber quar­ter.

The pro­por­tion of in­come re­quired to meet home loan re­pay­ments fell 1.3• per­cent­age points to 27.6• per cent, a drop of 4.0 per­cent­age points com­pared to the same time last year.

In NSW, the pro­por­tion of in­come re­quired to meet loan re­pay­ments was 33.8 per cent over the Septem­ber quar­ter.

In Vic­to­ria, the pro­por­tion was 30.9 per cent. Queens­land’s pro­por­tion rate of 27.6 per cent is also only slightly higher than South Aus­tralia.

The widen­ing dis­par­ity be­tween house prices in NSW, Vic­to­ria and Queens­land is likely to spur ad­di­tional mi­gra­tion into the Sun­shine State next year.

We haven’t seen any great in­ter­nal mi­gra­tion here for more than six years, how­ever, when house prices soar down south, many peo­ple look to our state as a more af­ford­able place to live.

Dur­ing the quar­ter, rental af­ford­abil­ity in Queens­land re­mained un­changed.

Com­pared to the Septem­ber quar­ter of 2012, the pro­por­tion of in­come re­quired to meet me­dian rents dropped 0.4• per­cent­age points, to 23.9• per cent.

While Queens­land recorded the largest quar­terly in­crease in the num­ber of loans to firsthome buy­ers – up by 10.2• per• cent to 3300 – com­pared to the Septem­ber quar­ter of 2012, the fig­ure dropped 34.5 per cent.

Of the to­tal num­ber of firsthome buy­ers that pur­chased dur­ing the quar­ter, 15.5 per cent were from Queens­land.

The av­er­age loan to firsthome buy­ers de­creased 0.9• per• cent over the quar­ter and 2.6 per cent com­pared to the Septem­ber quar­ter of 2012, to $273,333. The to­tal num­ber of loans (ex­clud­ing re­fi­nanc­ing) in­creased 4.4 per cent over the quar­ter and 15.2 per cent com­pared to the Septem­ber quar­ter of last year, to 21,302.

The av­er­age loan size dropped 0.6 per cent over the quar­ter, to $294,423, a de­crease of 1.7 per cent com­pared to the fig­ure last year.

Ac­cord­ing to the re­port, across the coun­try, first-home buy­ers made up just 13.6• per• cent of the owne­roc­cu­pier mar­ket, com­pared to 14.6 per cent in the June quar­ter.

That fig­ure was one of the low­est since the Aus­tralian Bureau of Sta­tis­tics started to col­lect data on the ac­tiv­ity of first-home buy­ers.

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