Buying a home can be expensive – especially if you're about to purchase your very first home. Fortunately, anyone looking for a slice of real estate will be pleased to hear that property has become more affordable in recent years.
The findings come from the Housing Industry Association, which reported that houses are more than 10 per cent more affordable in the first quarter of this year than they were the same time last year.
One reason behind the high affordability in Australia is the record low interest rates, coupled with strong wage growth. This has made purchasing property more achievable for many ordinary Australians.
If you are in the market for a new house then this will be a welcome development, as increasing affordability will be a big benefit to those on the lookout for a property.
Affordability remains low in major cities
Although houses were more affordable on a national scale, many Brisbanites are still facing high property prices in the city. Brisbane was one of a number of areas which saw property affordability remain largely unchanged over the quarter, according to the Housing Industry Association.
While this may not benefit first home buyers looking in the city centre, it will be good news for those looking to sell in Bulimba and other inner city suburbs. With demand remaining high in these areas, you should be able to reach a good sale price for your property.