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The latest Housing Affordability Report from the Real Estate Institute of Australia (REIA) and Deposit Power has confirmed the dramatic improvement in housing affordability that has taken place in recent months.
According to the report, the cost of buying a home improved by a record 6.4 per cent in the December quarter, compared to the September quarter.
The percentage of family income needed to service a home loan decreased to 32.4 per cent from 38.8 per cent in the September quarter.
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REIA president Noel Dyett said the improvement was “tremendous news for homeowners who struggled most of 2008 with rising interest rates and increasing loan repayments”.
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