Housing affordability for first home buyers in NSW improved slightly during the last quarter of 2007.
According to the latest Commonwealth Bank and Housing Industry Association (HIA) report, first home buyer affordability eased by 0.2 per cent in Sydney and 4.4 per cent in regional parts of the state.
HIA executive director NSW Graham Wolf warned that affordability will remain at worrying levels throughout 2008 however.
“The growing shortage of housing stock is placing significant pressure on a very tight rental market and adversely impacting the aspirations of home buyers in NSW,” he said.
While Mr Wolf expects affordability to remain an issue he acknowledged that recently announced government policies should help to relieve some of the pressure on affordability.
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