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Housing affordability in Australia nose-dived at the end of last year due to the perfect storm of higher house prices, increased interest rates, and the winding down of the first home buyers' boost according to a latest Housing Industry Association - Commonwealth Bank of Australia survey.
Affordability tanked 18.4% in the fourth quarter to be 22.3% lower than 12 months ago.
The deterioration was widespread in all capital cities and regional areas, with the largest falls recorded in Sydney, Brisbane, Hobart and Canberra.
HIA senior economist, Ben Phillips, said prior to the December quarter, first home buyers had a small window of favorable affordability conditions to enter the market.
"That window is now closing with affordability retreating to 2008 levels when interest rates were significantly higher," he said.
HIA is forecasting a moderate housing recovery through 2010 with around 152,000 dwelling commencements, still well down on the 190,000 required by increases in the level of Australia's population.
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