The Real Estate Institute of Australia (REIA) has welcomed the Reserve Bank of Australia's (RBA's) decision to leave the cash rate on hold, but claims more needs to be done to improve the affordability of property in the country.
Acting president Pamela Bennett said that the June quarter REIA Deposit Power Housing Affordability Report may have showed a small improvement in housing affordability in Australia, but there is still a long way to go.
She explained that the proportion of income required to meet loan repayments is 25.1 per cent.
"[This] means that the average Australian household is spending about $370 [£247] on weekly loan repayments; an additional $150 per month on top of what they were spending two years ago," Ms Bennett said.
Last month, the Property Council of Australia claimed that a new homebuyer grant in Queensland will bolster the affordability of Australian property in the state.
Posted by Steve Douglas
Acting president Pamela Bennett said that the June quarter REIA Deposit Power Housing Affordability Report may have showed a small improvement in housing affordability in Australia, but there is still a long way to go.
She explained that the proportion of income required to meet loan repayments is 25.1 per cent.
"[This] means that the average Australian household is spending about $370 [£247] on weekly loan repayments; an additional $150 per month on top of what they were spending two years ago," Ms Bennett said.
Last month, the Property Council of Australia claimed that a new homebuyer grant in Queensland will bolster the affordability of Australian property in the state.
Posted by Steve Douglas
