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NSW and Victoria becoming more affordable property markets
Housing affordability has improved in four states and territories, while rental affordability has also improved in four, according to a new report.
The latest REIA/Adelaide Bank Housing Affordability Report, which covers the December quarter, found that housing affordability improved in New South Wales, Victoria, Western Australia and the Northern Territory during 2018 (see table below).
Meanwhile, rental affordability improved in New South Wales, Victoria, Queensland and the Northern Territory (see table below).
Affordability is judged on the proportion of family income needed to meet home loan repayments or rental payments.
This reflects the fact that property prices and rents, as well as incomes, differ from state to state.
Proportion of family income needed to meet home loan repayments
| Region | Dec 2017 | Dec 2018 | Change |
|---|---|---|---|
| NSW | 37.8% | 36.7% | -1.1 points |
| Vic | 33.4% | 33.1% | -0.3 points |
| Qld | 27.6% | 28.1% | +0.5 points |
| SA | 26.4% | 27.5% | +1.1 points |
| WA | 23.9% | 23.1% | -0.8 points |
| Tas | 25.7% | 26.3% | +0.6 points |
| NT | 20.9% | 19.4% | -1.5 points |
| ACT | 19.6% | 20.6% | +1.0 points |
| Australia | 31.6% | 31.2% | -0.4 points |
Proportion of family income needed to meet rental payments
| Region | Dec 2017 | Dec 2018 | Change |
|---|---|---|---|
| NSW | 29.7% | 28.3% | -1.4 points |
| Vic | 23.6% | 23.2% | -0.4 points |
| Qld | 22.7% | 22.1% | -0.6 points |
| SA | 21.9% | 22.0% | +0.1 points |
| WA | 16.4% | 16.6% | +0.2 points |
| Tas | 26.8% | 28.1% | +1.3 points |
| NT | 23.1% | 21.3% | -1.8 points |
| ACT | 18.2% | 18.9% | +0.7 points |
| Australia | 24.5% | 24.0% | -0.5 points |
Disclaimer
This article is over two years old, last updated on March 8, 2019. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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