Queensland has experienced one of the largest boosts in housing affordability in the country, which may be of interest to those looking to secure residential property in the Gold Coast.
According to the Housing Affordability Report from the Real Estate Institute of Australia (REIA) and Adelaide Bank, the proportion of income required to meet home loan repayments in Queensland dropped by 1.9 percentage points to reach 26 per cent.
This is well below the national figure, which has fallen to reach 28.7 per cent. The REIA stated that this is the lowest it has been in 10 years.
Rises in affordability have been attributed to the easing in monetary policy that has occurred over the last two years, allowing more people to reduce the amount they are spending on home loan repayments and secure finance at a lower interest rate.
"A cash rate of 2.5 per cent has resulted in the lowest interest rates most home owner have had for their existing property. Additionally, the easing cost-of-funding issues have helped banks trim off their interest rates to remain competitive," said Loan Market Director Mark De Martino in a September 3 statement.
The next few months could present homebuyers with a great opportunity to secure Gold Coast real estate, as rates are low and the spring selling season is approaching.