Housing, rental affordability decline across Australia

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Housing and rental affordability dropped marginally across the country, according to new data.

The December quarter edition of the Adelaide Bank/REIA Housing Affordability Report showed that housing affordability declined in all states and territories, except for Victoria and the Northern Territory, according to Real Estate Institute of Australia (REIA) President Adrian Kelly.

Tasmania experienced the worst fall in housing affordability compared to other states.

Rental affordability, likewise, marginally declined across the country. All states and territories, except for New South Wales, Victoria, and Tasmania, posted drops over the period. The downward trend in rent affordability was led Northern Territory, which recorded the largest decline.

Victoria, meanwhile, was the only state or territory in which both housing affordability and rental affordability improved.

The number of loans to first-home buyers has increased, with rises in all states and territories. The number of loans to first-home buyers as a proportion of all loans has also increased over the quarter.

“Despite the Christmas break, the number of loans has increased across the country by 3.3%, with increases in all states and territories except Queensland. Tasmania, the Northern Territory and the Australian Capital Territory all had relatively large increases in loans to first home buyers,” Kelly said.

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