Login
ISCOVER
Housing has continued to become more unaffordable, with households spending a larger share of their income on mortgage repayments.
The average Australian family devoted 30.8 per cent of their income to servicing their mortgage in the March quarter, according to a housing affordability report by the Real Estate Institute of Australia and Adelaide Bank. That compared to 30.6 per cent the year before.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
Housing became less affordable in NSW, Victoria, South Australia and Tasmania, while it became more affordable in Queensland, Western Australia and the two territories.
New South Wales was the most unaffordable state, with families spending 35.0 per cent of their income on mortgage repayments in the March quarter, compared to 34.6 per cent the year before.
Affordability also worsened in Victoria, with repayments rising from 32.3 per cent to 32.8 per cent.
South Australians needed 28.4 per cent of their incomes to pay off their mortgage – up from 27.4 per cent the year before.
Life also became harder for Tasmanian families, who spent 25.4 per cent of their incomes on repayments, compared to 25.2 per cent the year before.
However, Queensland families were left with more money in their pocket, as repayments fell from 28.3 per cent to 28.1 per cent.
Affordability also improved in Western Australia, with repayments declining from 26.4 per cent to 25.7 per cent.
Northern Territory families spent 25.3 per cent of their income on repayments, compared to 26.5 per cent the year before.
ACT families needed 19.7 per cent of their incomes to pay off their mortgage – down from 19.8 per cent the year before.
