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Home loan affordability improved slightly across Australia in the March quarter. but NSW remains the most expensive place to buy a home. a new report shows.
The Real Estate Institute of Australia (REIA) Home Loan Affordability Report released Tuesday found in NSW. 35.4 per cent of family income was required to pay the average loan in the March quarter.
That was down from 32.3 per cent in the December quarter. although it was slightly higher than the 31.4 per cent recorded in the previous March quarter.
"You would hope there would have been a greater improvement in home loan affordability. based on the fact prices in most states have stabilised." he said.
The most affordable location was Canberra. with the proportion of family income required to pay the average loan dropping to 18.8 per cent from 19.9 per cent.
Canberra became the most affordable due to rising house prices in the Northern Territory. where home loans consumed 19.1 per cent of family income in the March quarter. up from 18.6 per cent in the December quarter.
"While this is an improvement on the very low average of 15.1 per cent during the period July 2002 to June 2005. unfortunately the return of first home buyers to the market has been slow."
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