How does that work?
Prices have increased slightly while we’re spending a slightly lower proportion of our income on mortgage repayments, thanks in part to lower interest rates.
“In Brisbane, where housing prices increased moderately, housing affordability improved slightly, with households needing 23.9 per cent of income for mortgage repayments in March 2017, from 24.2 per cent in March 2016,” quoted realestate.com.au.
But Sydney and Melbourne home owners were unlikely to notice hip pocket benefits from the low rate environment, with continued price growth eroding cheaper borrowing costs.
The report showed Brisbane was now better than the Australian average.
Aussie households with two income earners need 27.9 per cent of their monthly income to meet monthly mortgage repayments, up from 27.6 per cent the same time last year, reported realestate.com.au.
While this is all good news for Brissie it continues to paint a tale of woe for Sydney, which earlier this year took second place in the world’s least affordable housing markets list. They’re welcome to that title!