Rental Affordability Hits An 11 Year High:

At a time when more and more people are saying property is expensive in Australia, rental affordability is better than ever. According to research from the Real Estate Institute of Australia, rental affordability improved during the June 2019 quarter to the lowest proportion of income required to meet rent payments since June 2008. Property RentREIA President Adrian Kelly said the June quarter 2019 edition of the REIA Housing Affordability Report found the proportion of income required to meet rent payments decreased to 23.8 per cent, a fall of 1.2 percentage points over the quarter and a decrease of 0.3 percentage points compared to the same quarter 2018. Mr Kelly said housing affordability declined marginally across the country in the June quarter 2019.

New South Wales

Over the June quarter, housing affordability in New South Wales declined with the proportion of income required to meet loan repayments increasing to 37.1 per cent, an increase of 1.7 percentage points over the quarter but a decrease of 1.0 percentage points compared with the corresponding quarter 2018. With the proportion of income required to meet loan repayments 6.0 percentage points higher than the nation’s average, New South Wales remained the least affordable state or territory in which to buy a home.