Hous­ing af­ford­abil­ity

The Riverine Herald - Local Real Estate - - LOCALREALESTATE.COM.AU -

Across Aus­tralia, the pro­por­tion of fam­ily in­come needed to meet an av­er­age loan re­pay­ment was 34.2 per cent com­pared to 35.3 per cent in the De­cem­ber quar­ter and 32.6 per cent a year ago. This was due to a small de­cline in the av­er­age monthly loan re­pay­ment and a small in­crease in me­dian fam­ily in­come. Com­par­ing the states, it was ap­par­ent that Vic­to­ria re­mained the sec­ond most ex­pen­sive state in which to buy a home. Only NSW was more ex­pen­sive with 37.2 per cent of an av­er­age fam­ily in­come re­quired. In Vic­to­ria in the March quar­ter, the pro­por­tion of fam­ily in­come needed to meet an av­er­age loan re­pay­ment was 35.9 per cent com­pared to 36.1 per cent in the De­cem­ber quar­ter and 32.6 per cent a year ago. Con­sis­tent with the sit­u­a­tion across Aus­tralia, the small im­prove­ment was be­cause the me­dian weekly fam­ily in­come in­creased by $1 from $1469 and the av­er­age monthly loan re­pay­ment dropped by $6 to $2289. This change is so slight that most house­holds would not have no­ticed. The sit­u­a­tion was dif­fer­ent for renters. The re­port re­vealed that only in West­ern Aus­tralia and the ACT was rent­ing more affordable than it is in Vic­to­ria. In Vic­to­ria in the March quar­ter 22.9 per cent of the av­er­age fam­ily in­come was re­quired to meet an av­er­age rent. In WA and the ACT, the com­par­a­tive num­bers are 20.5 and 16.8 per cent. The most ex­pen­sive lo­ca­tion was Tas­ma­nia were 29.5 per cent of in­come is re­quired, a num­ber which is ac­tu­ally higher than the com­par­a­tive num­ber of buy­ing a home.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.