NSW home owners struggle as ACT families do it easy

NSW home owners struggle as ACT families do it easy

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Housing has continued to become less affordable, with households spending a larger share of income on mortgage repayments.

Australian families devoted an average of 30.8 per cent of their income to servicing mortgages in the March quarter, according to a housing affordability report from the Real Estate Institute of Australia and Adelaide Bank. The corresponding figure a year ago was 30.6 per cent.

In mortgage terms, Housing became less affordable in New South Wales, Victoria, South Australia and Tasmania, while it became more affordable in Queensland, Western Australia and the two territories.

NSW was the worst affected state, with families spending 35.0 per cent of their income on mortgage repayments in the March quarter compared to 34.6 per cent the year before.

In Victoria, repayments rose from 32.3 per cent to 32.8 per cent, while South Australians needed 28.4 per cent of their incomes to pay off their mortgage – up from 27.4 per cent.

Life also became harder for Tasmanian families, who spent 25.4 per cent of their incomes on repayments, compared to 25.2 per cent the year before.

However, Queensland families were left with more money in their pockets as repayments fell from 28.3 per cent to 28.1 per cent.

Affordability also improved in Western Australia, with repayments declining from 26.4 per cent to 25.7 per cent.

Northern Territory families spent 25.3 per cent of their income on repayments compared to 26.5 per cent compared to last year and ACT families needed 19.7 per cent of their incomes to pay off their mortgage, down from 19.8 per cent.

[Related: Housing affordability problem spurs innovative solution]

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