Housing Affordability A Struggle For Aussies
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Housing Affordability A Struggle For Aussies

Buyers and renters alike have more pain ahead according to the REIA.

By Kanebridge News
Thu, Jun 9, 2022 11:33amGrey Clock 2 min

The proportion of income required to make loan repayments increased 0.2% points to 37.3% over the March quarter, while the proportion required to meet median rent jumped 0.5% to 23.5% according to the Real Estate Institute of Australia.

REIA President Hayden Groves said housing affordability nationally has become increasingly unaffordable, pressure eased in some locations.

“Housing affordability improved in New South Wales and the Northern Territory, remained stable in the Australian Capital Territory but declined in all other states,” Mr Groves said.

“Rental affordability declined in all states and territories except the Northern Territory.

“Tasmania remains the most unaffordable state to rent with income to rent needed sitting at a huge 30.8 per cent.”

Despite this, the number of first home buyers has decreased to 29,093 a drop of 22.5% in the quarter and a fall of 33.9% over the past 12 months.

“First home buyers now make up 31.6 per cent of owner-occupier dwelling commitments, a decrease of 2.7 percentage points over the quarter and 8.7 percentage points over the year,” he said.

“The number of first home buyers fell over the March quarter in all states and territories.

“Declines ranged from 10.5 per cent in Western Australia to 40.2 per cent in the Northern Territory.”

According to Mr Groves, the average loan size for first home buyers increased by 0.9% over the quarter and 11.7% in the past year to $474,54.

The total number of loans for owner-occupied dwellings decreased in all states and territories over the March quarter, ranging from 8.2 per cent in Western Australia to 21.3 per cent in New South Wales.

With house prices rising so sharply, the average loan size rose to $603,395 in the March quarter, an increase of 2.1 per cent over the quarter and an increase of 19.2 per cent over the past 12 months, making it the largest annual increase since the current ABS series began in 2002.



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Jennifer Lopez and Ben Affleck have officially put their massive Los Angeles mansion on the market for $68 million.

The lavish Beverly Hills property hit listing sites on Thursday, months after rumours began that the couple, who are reportedly estranged , were shopping the home around only a year after buying it for nearly $61 million.

The roughly 5-acre property—which is in a gated community and spans a massive 38,000 square feet—includes an indoor sports court with an adjacent gym and games room, according to the listing with Santiago Arana of the Agency. The firm declined to comment.

Lopez and Affleck paid $60.8 million for the compound in 2023.
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Built in 2000, the house has 12 bedrooms and a whopping 24 bathrooms. The resort-sized property has the amenities to match, including a V-shaped pool with views over the surrounding hills, a detached two-bedroom guardhouse and a 5,000-square-foot guest penthouse, according to the listing.

Listing images of the house show that Lopez and Affleck have spent the past year warming up what were fairly white-washed interiors when they purchased the home. There’s now a rich, green-painted dining room, hardwood floors and carpeted over cold, polished-stone flooring.

The couple, who got married in 2022 after reuniting some 20 years after they called off their engagement in the early 2000s, purchased the megamansion following a house hunt that went on for several months, The Wall Street Journal reported at the time.

Representatives for Lopez, 54, and Affleck, 51, did not immediately respond to requests for comment.

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This stylish family home combines a classic palette and finishes with a flexible floorplan

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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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