The report, based on property, economic and demographic data, shows Australia’s average housing affordability is the best it’s been since 2016 with property in some cities and regions the most attainable it has been in decades.
"For the first time in fifteen years buyers are not chasing a rising market." - Gibson
CoreLogic’s Head of Research for Australia, Cameron Kusher says the recent drop in property values follows a long period where prices increased at a much faster pace than household incomes. “We predict that price falls will settle later this year, followed by modest price growth starting from 2020.”
According to ANZ’s Home Owners Lead, Kate Gibson, for the first time, there are suburbs and towns in every state where it’s more affordable to buy than rent. “This shift, combined with record low interest rates, is driving more first home buyers to look to enter the market. For the first time in fifteen years buyers are not chasing a rising market,” she says.
Below are the measures of housing affordability and fast facts from the report.