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."
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
east victoria park
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