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National first home buyer affordability remained at a 24 year low in the June quarter, the HIA-CBA First Home Buyer Affordability Index showed on Friday.
The index inched up 0.3 per cent in the quarter but was still 6 per cent lower than the same time last year.
In Sydney, the country’s most expensive property market, affordability reached a five year low dropping by 8.4 per cent.
HIA chief economist Harley Dale said even a modest reduction in mortgage rates in the second half of the year would do little to improve affordability in the short term.
“Affordability will only improve if all governments work together to remove the onerous burden and regulatory imposts on new residential construction,” Mr Dale said.
Published: 18-08-08
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