Whether paying down a mortgage, saving for a deposit, attaining a mortgage or finding somewhere to rent, affordability is a combination of multiple metrics.
" The increase in the dwelling value to income ratio was largest across regional Australia, where property prices have risen substantially more than incomes."
However, overall, the latest ANZ-CoreLogic Housing Affordability report shows rental affordability has hit a record low in regional Australia with 34 per cent of income required to service rent on a new lease.
According to the report, the cost of renting is now almost on par with the cost of buying. In some ‘lifestyle’ markets, the median household income earners would hypothetically have to spend more than half their income for the median weekly rent value.