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Only just over a quarter of the average Australian pay packet is now used to service mortgage debt, a new report has found.
According to the Real Estate Institute of Australia (REIA) and Deposit Power Home Loan Affordability Report the national proportion of family income required to meet loan repayments decreased to 28.6 per cent in the March quarter, compared to 32.4 per cent in the December quarter last year and 38 per cent in the March quarter 2008.
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“With continued increases in affordability we have seen the level of first home buyer activity in the market continue to climb,” commented REIA president David Airey.
The number of first home buyers in the market has increased by almost 50 per cent compared to one year ago, according to the report.
There were 44,487 first home buyers in the market in the March quarter compared to 30,373 in the March quarter last year.
