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The HIA-CBA First Home Buyer Affordability Index fell during the first quarter this year by 3.5 per cent – 10 per cent lower than it was just one year ago.
Average monthly repayments for first home buyers now sit at $2,799, a rise of 4.4 per cent since the beginning of the year.
HIA chief executive of policy Chris Lamont said the findings highlighted the urgent planning and taxation reform needed across all levels of government.
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“The cost of planning and development charges is worthy of urgent attention as are chronic skill shortages, which are adding to price and supply pressures. This should be the number one priority for Infrastructure Australia,” he said.
Published: 22-05-08
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