Affordability worsens as bigger mortgages erode benefits of lower rates
The proportion of family income required to meet average monthly loan repayments was 29.5% during the September quarter, up modestly from 29.4% the previous quarter, according to The Adelaide Bank/REIA Housing Affordability Report.
Real Estate Institutes support easing for foreign buyers
The federal government has announced it will allow foreign buyers to purchase an off-the plan dwelling when another foreign buyer has not been able to settle on it, thereby removing a significant risk to the industry.
Housing finance data confirms fewer first-home buyers
ABS housing finance data shows that lending to owner occupiers has fallen for two consecutive months, while lending to investors has risen for four months in a row.
Local council planning delays add to the cost of a new home through additional land tax, council rates, holding costs and interest on loans accrued during the period.