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Housing affordability has improved across the country, seeing the highest per cent of first home buyers in the marketplace in eight years, according to research from the Real Estate Institute of Australia.
REIA President Adrian Kelly said the September quarter 2019 edition of the REIA
Housing Affordability Report found housing affordability improved in all states and territories, except Tasmania, while rental affordability improved across the nation.
“Although the average loan amount has risen, the increase in family income and the decrease in the interest rates have negated this rise,” Mr Kelly said.
“Similarly, with a small decrease in average rents, the percentage of income to meet these payments has also declined.
“The total number of loans increased over the September quarter by 10 per cent and the number of new loans to first home buyers increased by 9,270, some 13.6 per cent over the quarter and 6.8 per cent over the year.
“The percentage of first home loans to all home loans, excluding refinancing, is at 29.4 per cent which is the highest since 30.3 per cent in December 2011. The largest increase was in the Australian Capital Territory at 61.1 per cent, while South Australia
and the Northern Territory bucked the upward national trend.”
Over the September quarter, housing affordability in WA improved with the proportion of income required to meet loan repayments decreasing to 22.1 per cent, a decrease of 0.3 per cent for the quarter and a decrease of 0.4 per cent compared to the September quarter 2018.
The number of first home buyers in WA increased to 3,817 in the September quarter, an increase of 9.9 per cent over the quarter and an increase of 6.3 per cent points compared to the same time last year. Of all Australian first home buyers over the quarter,
12.7 per cent were from WA while the proportion of first home buyers in the state’s owner-occupier market was 37.0 per cent.
Rental affordability in WA also improved during the September quarter with the proportion of family income required to meet the median rent decreasing marginally to 16.3 per cent, a decrease of 0.1 per cent over the quarter but an increase of 0.2 per
cent compared to the year before.
Read the full media statement from REIA to find out how
the other states and territories performed.
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