HIA Housing Affordability report released for the June quarter. Read summary and download report here.
Released: Friday, 31 July 2015
The HIA Affordability Index fell in the June 2015 quarter, signalling a deterioration in affordability conditions, said the Housing Industry Association, the voice of Australia's residential building industry.
During the June 2015 quarter, affordability deteriorated by 3.6 per cent in capital city markets, driven by Sydney and Melbourne. This was in stark contrast to a 2.7 per cent improvement for regional Australia. Compared with the June quarter last year, capital city affordability worsened by 0.6 per cent, while in regional Australia affordability saw a 5.2 per cent improvement.
Summary from the report:
- Index showed that market deteriorated by 2.9 per cent during the June 2015 quarter, but was 1.0 per cent more favourable than 12 months earlier.
- Aggregate capital city housing affordability worsened, with the index declining by 3.6 per cent during the quarter.
- In regional Australia, affordability improved by some 2.7 per cent during the June 2015 quarter.
- Recent affordability developments reflect a mix of factors including strong dwelling price growth in some cities, two interest rate reductions since the beginning of the year, and subdued earnings growth.
HIA HOUSING AFFORDABILITY INDEX, AUSTRALIA
Read the media release by HIA here.