Home loan affordability falls to eight yr low in Sept qtr
Housing Affordability (SYDNEY)
A new report shows home loan affordability in Australia fell to
an eight-year low in the September quarter, leaving first home
buyers out in the cold.
The AMP Banking/REIA Home Loan Affordability Indicator fell for
the sixth consecutive quarter during the three months to September
2003.
Only South Australia and the Australian Capital Territory have
posted a slight improvement in home loan affordability.
AMP Henderson Global Investors chief economist SHANE OLIVER says
deterioration in affordability has caused a steady fall in first
home buyer activity since September last year.
He says first home buyers are being pushed aside by higher than
normal activity by investors.
However, Australia’s strong appetite for property is set to
endure, after new home loans rose 5.6 per cent for the quarter.
This is the highest level since the March quarter.
AAP RTV sj/sjh/rh/rp
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