New report shows housing affordability has improved across Australia

Housing affordability has improved across every state and territory in Australia, according to the September quarter edition of the Adelaide Bank/REIA Housing Affordability Report.

The report found the proportion of median family income required to meet average loan repayments had decreased by 1.2 percentage points to 30.3 per cent over the quarter.

It also found there was a 22.8 per cent increase in first home buyer activity over the quarter, which was 32.6 per cent higher than the same time last year.

Real Estate Institute of Australia (REIA) President Malcolm Gunning said first home buyers now made up 24.5 per cent of the total owner occupied national housing market (excluding refinancing).

“This is the highest rate since September 2013 after dropping steadily over the past five years,” Mr Gunning said.

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