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Rental affordability improves across most states

08 March 2016 Reporter

The median family income required to meet median rents has remained stable nationally, according to new figures.

The median family income required to meet median rents has remained stable nationally, according to new figures.

A new report from the Real Estate Institute of Australia and Adelaide Bank has highlighted some relief in rental affordability across most states.

The Northern Territory recorded the largest improvement in rental affordability as the proportion of family income needed to meet rent repayments fell from 33.4 per cent for the December quarter in 2014 to 26.8 per cent in the December quarter of 2015.

In Western Australia, the proportion of family income needed to pay rent dropped from 23 per cent to 20.6 per cent over the same period.

Tasmania’s affordability also improved by 2.4 per cent as the proportion of family income needed for rent repayments went from 27 per cent to 24.6 per cent.

In NSW, the proportion of family income needed to pay rent dropped from 28.2 per cent to 27.9 per cent.

ACT’s affordability also improved by 0.3 per cent as the proportion of family income needed for rent repayments fell from 17.1 per cent to 16.8 per cent.

In South Australia, the proportion of family income needed to pay rent dropped from 22.6 per cent to 22.4 per cent.

In Queensland, the proportion of family income needed for rent repayments climbed from 23.3 per cent to 23.7 per cent.

Victoria recorded the biggest spike in rental affordability with the proportion of family income needed to pay rent increasing from 22.6 per cent to 23.5 per cent.

Nationally, affordability saw a marginal improvement with the proportion of family income needed for rent repayments falling from 24.8 per cent to 24.6 per cent.

[Related: New stats show 2015 was a bleak year for landlords]

 

Rental affordability improves across most states
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