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.
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