Home affordability improves for 3rd quarter

The Real Estate Institute of Australia’s report on home affordability for the September quarter has improved throughout the country, with income proportion to loans improved to 30.4%, dropping by 0.5% as more people are able to meet their repayments.

Interest rate stability has been cited as a key factor – with the current interest rate pegged at 2.5%for the longest time in history.

Despite these improvements, REIA Chief Executive Amanda Lynch has pointed out the removal of the First Home Owners Grant on established dwellings as a major reason for driving away home buyers, as more people rely on loans to finance their homes.

Read more about this on the Sunshine Coast Daily website.