Housing Affordability Increases Nationwide During September Quarter
The latest Adelaide Bank/Real Estate Institute of Australia (REIA) Housing Affordability report has highlighted the growing affordability of property across the nation, which could be great news for anyone looking into Gold Coast property for sale.
According to the report, the proportion of income needed by the average family in Australia to make repayments on their home loan decreased during the September quarter. This figure dropped by 1.2 percentage points to 29.8 per cent.
The President of the REIA, Peter Bushby, said every state across the nation underwent a drop during this period. This could indicate a fantastic opportunity for anyone considering purchasing Gold Coast property in the near future to take the plunge and secure their own slice of real estate.
However, Mr Bushby was quick to point out the slight drop in first home buyers across a number of states – including Queensland – which he attributes in part to the changes surrounding the FIrst Home Owners Grant (FHOG).
The number of first home buyers taking out loans in the state has dropped by 34.5 per cent over the last 12 months.