Housing affordability improves

In some good news for the residential property industry, the recent release of the Housing Industry Association-Commonwealth Bank Housing Affordability Index showed an improvement in housing affordability levels, which my colleagues and I at CENTURY 21 hope will help to deliver a much needed boost to Australia’s residential real estate market.  

The June 2011 quarter saw the Index rise by 0.8 per cent, a result that sees it sit 7.2 per cent above where it was at the same time a year ago.   

While no improvement was seen in Brisbane, the Index showed that housing affordability picked up across all other Australian capital cities over the quarter, as well as in the non-metropolitan regions of New South Wales, Victoria and Western Australia. 

I am hopeful that this increase in affordability is reflective of a bettering of market conditions. 

Despite a historically long period of steady interest rates, up until recently there has been continuing uncertainty about when/if the Reserve Bank would move to increase rates.  The heightened concerns about global financial markets more recently has seen this fear of a rate rise abate somewhat, with a number of economists even predicting that the RBA will cut rates. 

Nevertheless, over the course of 2011 such uncertainty certainly seems to have contributed to the trepidation displayed by prospective buyers about entering  the market, which has been reflected in lower auction clearance rates and larger amounts of stock remaining on the market for longer periods. 

According to CENTURY 21 Chairman and Owner, Charles Tarbey, this recorded affordability increase should go some way to ease this hesitation displayed by potential buyers of late, and will hopefully help to restore sentiment in the market. 

Charles notes that it has been a confusing year for the property market, however hopes that this increased affordability should make the buying process easier for those people who are financially able and have sought the appropriate professional guidance.  

For expert information about the most suitable property purchase options available to you, please visit your nearest CENTURY 21 office to talk to an experienced real estate professional. 

Posted by Charles Tarbey on 05/09/2011 at 9:08 AM | Categories:

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