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Home loan affordability plunged 2.2 per cent over the September quarter and 8.1 per cent over the year.
Data released today in the Deposit Power/Real Estate Institute of Australia (REIA) Home Loan Affordability Report also found that 36.6 per cent of family income was required to meet average home loan repayments.
“Purchasing a home has never been more difficult in the past 22 years," said REIA president Noel Dyett. “The progressive decline in affordability and concerns about interest rate rises are reflected in the lower number of loans taken out in the September quarter compared to the previous quarter.”
“As a result of the November 2007 interest rate rise and possible rate rises to come, there is likely to be a further negative impact on home loan affordability in the December quarter,” he said.
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