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Real Estate Enthusiast, Sydney

Housing affordability across Australia has shown slight signs of improvement at the height of the COVID-19 pandemic

12D ago 0 Replies 19 Views
During the past quarter, rental affordability reached its highest level in more than a decade, with the proportion of income needed to meet lease payments dropping by 0.4 percentage points to 23.3%, which is 0.5 percentage points lower compared to last year.
“Rental affordability has not been this high since December 2007, a positive for renters in these COVID-19 times,” said REIA president Adrian Kelly. “This can be mainly attributed to the reduction or stabilisation of rents during the June quarter, with only the Australian Capital Territory having an increase in rents.”

New South Wales residents allocate the greatest proportion of their pay to loan repayments at 42.3%, while those living in the Northern Territory spend the least at 20.4%. In terms of income, residents of the nation’s capital have the highest weekly average at $2,815, with 22.3% going to loan repayments.

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