Most affordable Housing in six Years
23 Jun 09
Most affordable Housing in six years
Australian buyers and families have seen the combined amount of income needed to pay off their mortgage slashed recently, from 32.4% in the previous quarter to 28.6% this March quarter.
The Real Estate Institute of Australia (REIA), calculated the figures in a recent report and said it was the highest level of affordability in nearly six years. The report also said the buying of activity of first homebuyers was still strong.
There were 44,487 first homebuyers at the end of the March quarter nationally, compared to 36,098 in the December quarter of 2008, and 30,373 in the March quarter of 2008. "With continued increases in affordability, we have seen the level of first homebuyer activity in the market continue to climb," said REIA President David Airey.
In recent news, John McCormack, CEO of Starr Partners Real Estate Group noted that branches had reported continued interest from first home buyers but that first homebuyer activity appeared to have peaked in late March and has since slowly declined. ABS figures confirmed this as well, showing a decrease in the number of first homebuyers in April.