Households on median income could afford to buy 13% of homes, Rba hiked interest rates aggressively to try to cool inflation
di Michael Heath
Australians are having the toughest time in at least three decades affording a home as a combination of elevated interest rates and higher property prices push buyers out of the market.
A typical or median-income household, earning just over A$105,000 ($67,800) a year, could afford to make loan repayments on just 13% of homes sold in the past year, the smallest share since records going back to 1995 show, Rea Group Ltd.’s property data business PropTrack said in a report released Saturday. Affordability is tightest in New South Wales, the most populous state, where a typical income household can afford just 7% of homes sold.
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