After being hammered for having one of the world’s most expensive housing markets, Australia is seeing a return to more affordable dwellings.
The Housing Industry Association claims that overall housing affordability has reached the “healthiest” levels since 2003.
The HIA-Commonwealth Bank Housing Affordability Index's June quarter results showed a 1.1% overall improvement, making it 10.6% higher over the year.
Brisbane and Melbourne were the only two capital cities to record a drop in affordability.
"It is an encouraging bright spot for an industry that, in terms of current activity, remains a clear area of weakness within the Australian economy," said HIA's chief economist Dr Harley Dale.
He did warn the improvement in affordability is "largely cyclical" and more needed to be done to "address the high and inefficient taxation embedded in housing, especially for new homes."
Can you afford to buy in this suburb? Find out how much you can borrow
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out