• This quarter has seen a slight improvement in national affordability of 1.2%, with a quarterly increase in median house prices of 3.2%.
• This quarter, the primary cause of the increase in affordability has been the decrease in median house price in many regions, combined with increases in incomes and a decrease in mortgage interest rates.
• The yearly results show an annual result of a solid increase in affordability at a national level of 5.4%, reflected in three quarters of the regions also recording an improvement in affordability.
• The yearly drivers of this change include an increase of 3.2% increase in median house price values nationally, that was offset by a 5.35% decrease in residential mortgage rates, now at 4.78% compared to 5.05% a year ago. Incomes have also increases by 3.2% nationally over this year. To read the full report go here