Adelaide Bank and the Real Estate Institute of Australia released its March quarter Housing Affordability Report on 6 June.
The report shows that on a national level, it’s become less affordable to rent but more affordable to buy a home, with the portion of income needed to meet average rental payments increasing to 24.8% in the March quarter. The portion of income needed to meet average loan repayments decreased by 0.3 percentage points to 31.3%.
In the ACT, housing affordability and rental affordability both declined slightly compared to the previous quarter (less than half a per cent), but we had the largest annual increase in the number of new loans to home buyers.
Compared to the rest of Australia, our portion of income required to meet home loan repayments or rental repayments is still the lowest in the country, sitting at 19.7% and 18.5% respectively (an almost insignificant gap).
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