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Housing affordability for both renters and buyers deteriorated in every state and territory over the June quarter, the Deposit Power/REIA Housing Affordability Report showed today.
The proportion of family income required to meet average home loan repayments rose to 39.8 per cent in the quarter, the highest level in the 22 years since the data has been compiled.
Noel Dyett, REIA president, said the situation was most severe in New South Wales and Queensland where the proportion of income needed to meet loan repayments rose to 42.6 and 41 per cent respectively.
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25 per cent of family income is now needed to meet average rental repayments, the report showed, compared to 24.7 per cent in the March quarter.
Published: 1-09-08
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