Source: Urban Developer, 4 March 2018.
Housing affordability is at its highest level in 20 years in most cities in Australia except for Sydney and Melbourne, according to the Housing Industry Association’s latest quarterly index.
The news comes amid softening housing prices, with prices falling in almost every capital city last month.
“It is often overlooked that affordability conditions are favourable in the markets outside of Sydney and Melbourne,” HIA senior economist Shane Garrett said.
“Housing prices are more affordable in the other six capital cities today than has typically been the case over the past 20 years – primarily due to very low interest rates.
Perth is leading the way in affordability with an average monthly mortgage repayment of $2,194 representing 27.5 per cent of gross average earnings.