Growth in earnings and a slight decrease in mortgage lending rates have improved the affordability of housing, according to a recent housing affordability measure.
The HIA-Commonwealth Bank Housing Affordability Index posted a third consecutive quarterly improvement to be up 1.2% in the September 2011 quarter. This was a 5.2% improvement over September 2010 figures.
As this happened, the average weekly earnings of an adult working full time increased by 1.2% over the quarter, while the average mortgage lending rate went down 0.03 percentage points.
The index figures suggest a trend of improving affordability in the months ahead, as the two interest rate cuts passed since the September quarter take effect.
Sydney remains home to Australia’s least affordable housing, followed by Melbourne and Brisbane.
Do you have more than $200k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
Get help with your investment property
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 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 and appointment is free.
We value your privacy and treat all your information seriously - you can check out