Housing affordability improves in Perth

Housing affordability improves in Perth - reiwa.com

Housing affordability deteriorated in all capital cities across Australia except for Perth in the year to March 2016, according to the latest findings by Moody’s Investor Services.

Moody’s Analyst Natsumi Matsuda said Australians paid 27.6 per cent of their income on mortgage repayment in the year to March.

“During the 12 months to 31 March 2016, Australian households spent an average of 27.6 per cent of their monthly income on mortgage repayments, up from 27.0 per cent for the 12 months to 31 March 2015,” Ms Matsuda said.

By contrast, Perth was the only capital city to buck this trend, with affordability improving in Western Australia’s capital city to 21.5 per cent from 22.6 per cent.

The report also found that affordability around the nation remains better than the average for the past 10 years.

Last week’s decision by the Reserve Bank of Australia to cut the cash rate by 25 basis points to 1.75 per cent is expected to have a positive influence on housing affordability.

 

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Housing affordability improves in Perth