Home loan repayments slightly cheaper in Queensland

first_imgA young couple who has just purchased a new home. Picture: iStock.IT’S slightly cheaper to afford a mortgage in the Sunshine State than it was at the end of last year, a new report has revealed. Home loan repayments accounted for 27.5 per cent of the typical Queensland family’s income in the first three months of the year, according to the Real Estate Institute of Australia and Adelaide Bank’s latest Housing Affordability Report.The figure was down a tenth of one per cent on the final quarter of 2017. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE Home loan repayments accounted for 27.5 per cent of the typical Queensland family’s income in the March quarter.Adelaide Bank head of distribution Darren Kasehagen welcomed an improvement in housing affordability nationally. “The reduction in the total number of new loans compared to the same quarter last year has the potential to be a continuing trend, and the same could be said for the reduction in the average loan size experienced in the March quarter as overall lending standards improve across the industry making access to credit a little harder,” Mr Kasehagen said. A house for sale in the Brisbane suburb of Stafford. Image: AAP/Glenn Hunt.But it’s 0.8 per cent higher than it was a year ago, when only 26.7 per cent of household income was need to meet mortgage repayments.More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoThe figures are based on Queensland’s median weekly family income of $1685. BUYER’S MARKET RISES AS RATES HOLD Affordability deteriorated in Victoria, South Australia and the ACT during the quarter, but improved in all other states and territories.NSW remained the nation’s most unaffordable state, with the proportion of family income needed to meet loan repayments sitting at 36.5 per cent.center_img Housing affordability has improved slightly in Queensland. Image: AAP/Glenn Hunt.The REIA and Adelaide Bank report also found rental affordability declined slightly in Queensland, with the average family spending 23.1 per cent of its income on rent during the first three months of the year.There was a significant drop in the number of loans to first home buyers in the state during the quarter, down nearly 15 per cent to 21.3 per cent. HAMPTONS STYLE GRAND DESIGNS HOME SOLD last_img

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