In the June quarter, housing affordability declined nationally with the proportion of income required to meet loan repayments increasing by 1.0 percentage points to 31.4%. This figure marked an increase of 0.2 percentage points when compared to the corresponding quarter of 2016.
Housing Affordability by State/Territory
· The June quarter saw housing affordability decline nationally.
· Compared to the June quarter of 2016, housing affordability improved across the country except in New South Wales, Victoria and Tasmania.
· During the quarter, housing affordability declined in the states, but improved in the territories.
First Homebuyer Activity
· Over the quarter the number of first homebuyers increased by 14.0% to 23,559.
· First home buyers now make up 14.3% of the owner occupier market, and if refinancing is excluded, the figure sits at 20.8%
· During the June quarter, the number of first home buyers increased in all states and territories, except Tasmania.
· The average loan size to first homebuyers increased by 1.2% over the June quarter, and 0.6% over the past twelve months, to $365,600.