Australia's housing and rental markets posted a slight improvement in affordability over the first three months of the year, according to a recent report from the Real Estate Institute of Australia (REIA).
Over the quarter, the share of income needed to meet mortgage repayments and monthly rent edged lower to 34.7% and 23.5%, respectively.
In terms of housing affordability, only Victoria, Tasmania, and Western Australia did not report improvement. On the other hand, the Australian Capital Territory recorded the most significant decline in the share of income required to meet loan repayments. Meanwhile, Queensland, Western Australia, and the Northern Territory all posted improvement in rental affordability.
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REIA's report also showed that while the total number of loans issued in the March quarter declined from the previous quarter, it outpaced the figure recorded during the same period last year by 4.2%.
The share of first-home buyers also increased by 23.1% compared to the same quarter last year.
"With the introduction of the First Home Buyer Deposit scheme in January we expect that share of first home buyers will continue to grow," said Adrian Kelly, president at REIA.
The tables below show the housing and rental affordability measures in each state:
Top Suburbs :
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