Perth the most affordable city for first home buyers: NHFIC
The Market Herald Property Market News
The research will be included in a two-part national housing report that is due for release in early 2022.
Neelam Dajee Markets Reporter [email protected] 12 December 2021 15:53 (AEDT)
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The National Housing, Finance and Investment Corporation released a housing affordability analysis for first home buyers and renters for all capital and regional areas
Rental affordability improved modestly for renters in Sydney and Melbourne as net migration slowed down and the demand for rentals dropped
Melbourne has been named the most affordable city in Australia for renters, with the bottom 40 per cent of earners able to afford up to 30 per cent of available rentals
For first home buyers, Perth has become a haven, with 60 per cent of income earners able to afford half the houses for sale
For renters, Melbourne is the most inexpensive capital city, whereas, for first-time home buyers, Perth is the most affordable capital city, according to new research.
The National Housing, Finance and Investment Corporation (NHFIC) released a housing affordability analysis for first home buyers and renters for all capital and regional areas in Australia.
The government body conducted the research and will be included in a two-part national housing report that is due for release in early 2022.
First home buyers in regional South Australia, Western Australia and Queensland have experienced more affordable conditions compared with those in most major cities.
In comparison, first home affordability decreased substantially for buyers in regional Tasmania and New South Wales.
NSW and Tasmanian buyers who placed in the lower 40 per cent of income earners could only afford up to 10 per cent of the homes for sale in their respective regions.
Rental affordability improved modestly for renters in Sydney and Melbourne as net migration slowed down and the demand for rentals dropped.
According to the report, the lower 40 per cent of earners can typically afford to rent roughly 10 per cent of properties for rent in Sydney and Melbourne.
Melbourne has been named the most affordable city in Australia for renters, with the bottom 40 per cent of earners able to afford up to 30 per cent of available rentals.
For first home buyers, Perth has become a haven, with 60 per cent of income earners able to afford half the houses for sale.
Hobart has been featured as the least affordable for both renters and first home buyers, with the lower 60 and 80 per cent of income earners only able to afford 10 per cent of homes to rent or buy respectively.
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