Skip to main content
Forms live login
Find a Member
Phone: (02) 9264 2343 | Connect with us:
Why join REINSW
My login details
Become a REINSW member
Webinars on demand
Member logo and flyer
Third party benefits
Real Estate Journal
Find a candidate
Annual General Meeting
Presidential Appointment Form
Annual Report 2017 - 2018
Authorities and disclosures
Why train with REINSW
Certificate of Registration
RPL - Recognition of Prior Learning
Buyers' Agent Licence
Trainer & assessor profiles
Unique Student Identifier
Novice Auctioneers Competition
Awards for Excellence
Women in Real Estate
Annual General Meeting
Price list and order form
REI Forms Live
Fair Trading factsheets
Notice of Revised Estimated Selling Price
Record of Property Reports
Strata Proxy Appointment Form
Strata model by-laws survey
Email Consent Form
Skip breadcrumb navigation
More affordable market for most, says REIA
5 September 2018
Affordability has improved for renters and the number of first home buyers increased during the second quarter of 2018, according to research from the Real Estate Institute of Australia (REIA) and Adelaide Bank.
REIA president, Malcolm Gunning, says the June quarter 2018 edition of the
Adelaide Bank/REIA Housing Affordability Report
found rental affordability improved in all states and territories except for the Australian Capital Territory and the Northern Territory.
Housing affordability declining across Australia
“South Australia was the only state or territory to show an improvement in both rental and home purchase affordability,” says Gunning.
“However, housing affordability has declined for purchases in all other states and territories in Australia.”
Gunning says over the quarter the proportion of median family income required to meet average loan repayments increased by 0.9 percentage points to 32.2 per cent, while the proportion of median family income required to meet rent payments decreased by 0.7 percentage point to 24.1 per cent.
“Across the country, the number of loans increased by 8.3 per cent, with increases in all states and territories and the largest in New South Wales (12.6 per cent).”
Gunning says some increase in the number of home loans was expected over the quarter, due to traditional low rates over the first quarter.
“However, there has been a decline of 3.8 per cent in the number of new loans since the same quarter last year,” he says.
“All states and territories showed an annual decline in new loans except for Tasmania where there was a 2.6 per cent increase. The decline ranged from 13.6 per cent in Western Australia to 0.2 per cent in Victoria.
State-based incentives working
“Despite falls in affordability, the number of first home buyers entering the market increased by 20.6 per cent year on year.There were large increases in New South Wales, Victoria and Tasmania but declines in Western Australia, Australian Capital Territory and Queensland.
“State-based incentives appear to be working with the number of loans to first home buyers in NSW increasing 11.5 per cent over the quarter and 68.8 per cent compared to the June quarter 2017, while in Victoria the number of loans to first home buyers increased to 10.3 per cent over the quarter and 35.5 per cent compared to the June quarter 2017.”
Want to keep up-to-date with industry news?
Become a member
Need advice on this or any other issue?
Call our helpline
Share this page
Share on Facebook
Share on Twitter
Share on LinkedIn
Auctioneer Chapter Committee delivers Auctioneers’ Online CPD course
Is Parramatta Sydney’s better CBD for investment and yield?
Top tips to generate new business for buyers’ agents
Real estate by robot
Is 2019 the year you transition to licence?