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.