Home Owners Confidence Boosted as Affordability Improves

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1 JOINT QUARTERLY SURVEY NO.1 JUNE QUARTER Home Owners Confidence Boosted as Affordability Improves e quarter recorded an improvement in housing affordability with the proportion of income required to meet loan repayments decreasing.8 percentage points to 31.9%. Housing affordability has been improving slightly for four consecutive quarters. The Australian Capital Territory remained by far the most affordable state or territory in which to buy a home, a position which the territory has held since ch 6. The proportion of income required to meet loan repayments decreased by 1.6 percentage points over the quarter to 17.2%, which is 14.7 percentage points below the national average. New South Wales remained the least affordable state or territory in which to buy a home with the proportion of income required to meet loan repayments decreasing to 37.4%. Compared to the e quarter, all states and territories recorded improvements in housing affordability. The largest decreases in the proportion of income required to meet loan repayments were evident in Tasmania and Victoria, down 4.7 and 4.3 percentage points respectively. During the e quarter, the Reserve Bank lowered the official interest rate by.75 percentage points to 3.5%. Compared to the ch quarter, the quarterly average variable standard interest rate decreased by.5 percentage points to 6.6%. The quarterly average three year fixed rate decreased by.4 percentage points to 6.%. The average loan size to first home buyers increased 2.1% to $285,133 over the quarter but is down.8% from the same time last year. All states and territories contributed to the increase with the exception of Tasmania where the average loan to first home buyers decreased by 2.9%. The total number of loans (excluding refinancing) increased 8.9% over the quarter to 91,982. However this figure is down 7.8% compared to the same period last year. Victoria recorded the largest increase in the total number of loans, up by 16.%. Compared to the e quarter of, the total number of loans decreased in New South Wales, Victoria, South Australia, Tasmania and the Australian Capital Territory. The average loan size increased 3.% over the quarter and 3.2% compared to the e quarter of to $317,358. All states and territories contributed to the increase with the exception of Tasmania and the Australian Capital Territory. Compared to the e quarter of the previous year, Tasmania was the only state or territory to record a decrease in the average loan size, down by 3.4% to $9,257. Tasmania has the lowest average loan size in the country while New South Wales continues to have the largest loan size at $357,435. Proportion of family income required to meet loan repayments, e The number of loans to first home buyers increased by 5.9% to 25,1 over the e quarter and 11.8% compared to the e quarter of the previous year. First home buyers made up 17.7% of the market compared to 17.9% in the previous quarter. Over the e quarter, the number of loans to first home buyers increased in all states and territories with the exception of New South Wales and the Northern Territory. Victoria recorded the largest increase in the number of first home buyers over the quarter, up by 23.5%. The largest decline over the quarter was recorded in New South Wales, down.8%. Median Weekly Family Income Proportion of family income required to pay loan $2, % $2, % $1,239 32% $1,546.5% $1,56 $1, % Australia wide $1, % $2, % ACT Compared to the same period last year, the number of loans to first home buyers increased in all states and territories with the exception of New South Wales, Tasmania and the Australian Capital Territory. Repayments based on data for new borrowers. $1, % 31.8% Adelaide Bank/REIA Housing Affordability Report

2 REIA President s message Welcome to the new-look e quarter edition of the REIA/Adelaide Bank Housing Affordability Report. REIA is thrilled to welcome the partnership of Adelaide Bank in the production of this vital industry publication. Support like this from Australia s leading customerconnected banking group is critical in enabling us to do the number-crunching work our members expect of us. We re very excited to have such a respected partner on board to ensure the continuation of this important publication. It s good news this quarter too, with a fourth consecutive improvement in the housing affordability figures. At 31.4, the REIA Home Loan Affordability Indicator is now at its highest point since December 9. Also, this quarter, the market welcomes a jump in first home buyers with figures up 11.8% from the same time last year. Victoria was the big mover though with increases of 23.5% over the quarter. The e quarter saw a drop in interest rates by The Reserve Bank of Australia. After a taking a steady-as-she goes approach in April, the RBA announced a drop of.5 basis points in May and a further.25 basis points in e. Unfortunately, consumers could not take full advantage with banks facing continuing uncertainty in the cost of sourcing their funds and a consequent inability to pass on the cuts in full. I urge the large mortgage lenders to better balance their profit drive with the interests of their mortgage customers. I hope you find this quarter s REIA/Adelaide Bank Housing Affordability Report informative and useful. At REIA, we strive for the utmost in professional standards for our industry. This publication, along with our fight to maintain high qualifications and compulsory training in national licensing, helps us attain that goal. Pamela Bennett President, REIA Sponsor s Message Given the bank s involvement in assisting people into housing for more than years, Adelaide Bank is pleased to be able to support the work of the Real Estate Institute of Australia in preparing the quarterly Housing Affordability Report. The Adelaide Bank/ REIA Housing Affordability Report is an important publication and a pertinent reminder that housing is more than an asset class. Appropriate and affordable housing underpins stable and successful communities and we forget this at our peril. It is important to ensure that the residential property market has a regular comprehensive and accurate assessment of the ability of Australians to meet the cost of home purchase. A number of factors and policy decisions at both Commonwealth and State levels affect housing affordability, predominantly the availability of housing, along with overall economic confidence. The impact of some policy decisions can have relatively long lead times, but ultimately, it is availability that largely determines affordability. Our bank s vision is to deliver well-designed, value-formoney lending solutions and a stress-free experience to consumers and their chosen advisers. While we don t have the ability to take the stress out of finding your ideal home, we will continue to at least take the grief out of the finance. Damian Percy General Manager Adelaide Bank 2

3 Housing Affordability Report fast facts Proportion of family income required to meet: e qtr ch qtr e qtr Home Loan repayments 31.9% 32.7% 35.4% Rent payments 24.5% 24.7% 24.8% Proportion of Family Income Required to Meet Loan Repayments Chart 1 shows the movement in the proportion of family income required to meet average home loan repayments since e Chart 1 Proportion of family income required to meet % average loan repayments Australia Rental Affordability Table 2 shows rental affordability illustrated as the proportion of median weekly family income required to meet weekly rent for a three bedroom house. The Australian weighted average median rent for three bedroom houses is calculated using Census data and median rents published in Bendigo Bank/REIA Real Estate ket Facts. As shown in Chart 2, rental affordability has stabilised since September 8 after a steady decrease over the period September 5 September 8. Over the e quarter, the proportion of income required to meet rent payments decreased.2 percentage point to 24.5%. Compared to the e quarter, the proportion of income required to meet rent payments decreased.3 percentage points. With the exception of Victoria and Western Australia all states and territories recorded improvements in rental affordability over the e quarter. The greatest improvement was evident in Tasmania with the proportion of median income required to meet average rents decreasing 1. percentage point. Victoria and Western Australia recorded increases in the proportion of median weekly family income required to meet weekly rent for a three bedroom house, up.1 and.4 percentage points respectively. With 28.1% of family income required to meet rent payments, New South Wales remains the least affordable state or territory in Australia in which to rent a property. The Australian Capital Territory remains the most affordable state or territory in which to rent a property with 16.% of family income required to meet rent payments. Chart % 1 Proportion of Median Weekly Family Income Spent on Rent Table 1: Proportion of family income needed to meet loan repayments qtr qtr qtr NSW 37.4% 37.8% 39.6% VIC 31.8% 32.6% 36.1% QLD.5%.8% 33.8% SA 32.% 33.4% 35.3% WA 23.3% 24.4% 26.8% TAS 25.5% 27.3%.2% NT 22.9% 23.5% 23.4% ACT 17.2% 18.8% 19.2% AUS 31.9% 32.7% 35.4% Table 2: Proportion of family income needed to meet rent payments qtr qtr qtr NSW 28.1% 28.4% 27.6% VIC 21.8% 21.7% 22.8% QLD 22.6% 23.1% 23.6% SA 25.8% 26.4% 26.7% WA 21.%.6%.% TAS 25.7% 26.7% 26.8% NT 23.6% 24.3% 25.4% ACT 16.% 16.8% 16.7% AUS 24.5% 24.7% 24.8% 3

4 Sep Dec Sep Dec Sep Dec Sep Dec Sep Dec First Home Buyers The number of new finance commitments to first home buyers increased by 5.9% to 25,1 in the e quarter. Compared to the same period last year, new finance commitments to first home buyers increased by 11.8%. Over the e quarter, the average loan size to first home buyers increased 2.1 to $285,133, down.8% from the e quarter. Chart 4 House Prices and Income $ $ First home buyers share of all dwellings financed and the average size of their loans from the e quarter 3 to the e quarter is shown in Chart 3. The number of first home buyers, as a percentage of total owner occupied housing commitments, decreased to 17.7% during the quarter, compared to 17.9% in the ch quarter. This proportion is dramatically down from the.6% level of the e 9 quarter Chart 3 Med Wtd Ave Price Ave Loan Size Med Weekly Family Income $ 25 First Home Buyers Share of All Dwellings Financed Percentage of all dwellings financed % Average loan size $' -3 Dec-3-4 Dec-4-5 Dec-5-6 Dec-6-7 Dec Dec- -11 % 35 Factors Influencing Home Loan Affordability A range of factors influence home loan affordability: The amount to be borrowed reflects the price of the property being purchased and the borrower s equity situation. The size of the loan, interest rates and the period of the loan determine the average loan repayment. The ability to repay the mortgage depends upon the family income. Chart 4 shows the relationship between the Australian weighted average median house price, median weekly family income and average loan size Median House Prices Over the e quarter, Australian median house prices increased by 1.4% to $519,769. With the exception of Perth and Canberra all capital cities recorded increases in median house prices over the quarter. The median house price in Canberra dropped by 5.% while Perth s median house price remained unchanged. When compared to the same quarter of the previous year, the Australian median house price decreased by 3.1%. Most of the capital cities recorded decreases. Darwin recorded a.7% increase, while the median house price in Hobart remained unchanged compared to the e quarter. Detailed data on median prices for houses and other dwellings is available in Bendigo Bank/REIA Real Estate ket Facts publication. Median Family Income The national median weekly family income increased.6% to $1,56 (or approximately $6,762 per month) during the e quarter. Over the quarter, average monthly home loan repayments decreased 1.9% to $2,155. This represents a decline of 5.9% compared to the e quarter of the previous year. The proportion of family income required to meet loan repayments decreased to 31.9%, down from 32.7% in the previous quarter. When compared to the e figures, this proportion declined by 3.5 percentage points. 4

5 Housing Affordability Report Average Loan (All Borrowers) The total number of new lending commitments (excluding refinancing) issued nationally over the quarter increased 8.9% from the previous quarter to 91,982 loans. This represents a decrease of 7.8% compared to the e quarter. The average loan size of new lending commitments (excluding refinancing) increased 3.% over the last quarter and 3.2% compared to the e quarter of the previous year to $317,358. Interest Rates During the e quarter, the Reserve Bank lowered the official interest rate by.75 percentage points to 3.5%. Compared to the ch quarter, the quarterly average variable standard interest rate decreased by.5 percentage points to 6.6%. This represents a decrease of 1. percentage point(s) compared to the e quarter of the previous year. The quarterly average three year fixed rate decreased by.4 percentage points to 6.%. The average variable interest rates were: 6.6% decreased.5 percentage points from the ch quarter. Permanent 6.4% decreased.5 percentage points from the previous quarter. Other lenders 6.1% decreased.5 percentage points from the ch quarter. The average fixed (3 year) interest rates were: 6.% decreased.4 percentage points during the e quarter. Permanent 6.1% a decrease of.2 percentage points from the previous quarter. Other lenders 6.% a decrease of.4 percentage points from the previous quarter. Chart 5 shows the movements of the RBA cash rate, the quarterly average standard variable rate and the quarterly average three-year fixed rate over the last five years. Chart 5 % Dec-7-8 Av. Var Rate ly Interest Rates -9 - Av 3yr Fixed rate Dec- -11 RBA Cash Rate -12 Home Loan Affordability Indicator The Home Loan Affordability Indicator (HLAI) is the ratio of median family income to average loan repayments. An increasing value reflects improving affordability of housing loans. Table 3 shows the HLAI for Australia and each state and territory for the e quarter. The current quarter s figure is compared with the ch and e quarters. Percentage changes are shown in Table 4. A long-term series of the quarterly movements in the HLAI from e 1992 is shown in Chart 6. Table 3: Home Loan Affordability Indicators qtr qtr qtr NSW VIC QLD SA WA TAS NT ACT AUS Table 4: Percentage Change in HLAI % Change: % Change: '12 - '12 '12 - '11 NSW VIC QLD.9.8 SA WA TAS NT ACT AUS Chart 6 HLAI Home Loan Affordability Indicator over time

6 Table 5: AUSTRALIA Home Loan Affordability Indicator (HLAI) Average HLAI since ch quarter % 32.7% 35.4% 24.5% 24.7% 24.8% Median weekly family income $1,56 $1,552 $1,493 Average monthly loan repayment $2,155 $2,196 $2,29 Average loan $317,358 $8,144 $7,563 Total number of loans (excl refinancing) 91,982 84,492 99,713 Number of loans to first home buyers 25,1 23,7 22,451 Average first home buyer loan $285,133 $279,367 $287, Average loan $327,317 $316,873 $315,255 Standard variable interest rate 6.6% 7.2% 7.7% Fixed interest rate 6.% 6.4% 7.4% Average loan $257,526 $237,868 $247,431 Standard variable interest rate 6.4% 6.9% 7.3% Fixed interest rate 6.1% 6.3% 7.2% Average loan $227,485 $2,8 $232,29 Standard variable interest rate 6.1% 6.6% 7.% Fixed interest rate 6.% 6.4% 7.4% Percentage Change HLAI Since previous quarter 2.6%.5% Since corresponding quarter last year 11.% 1.2% Chart 7 Australian Rent and from e 1996 Rent $ Weighted Median Rent 6

7 Housing Affordability Report Table 6: NEW SOUTH WALES Home Loan Affordability Indicator (HLAI) Average HLAI since ch quarter % 37.8% 39.6% 28.1% 28.4% 27.6% Median weekly family income $1,496 $1,48 $1,451 Average monthly loan repayment $2,427 $2,426 $2,489 Average loan $357,435 $3,354 $334,283 Total number of loans (excl. refinancing) 24,817 23,136 31,663 Number of loans to first home buyers 5,552 6,225 6,748 Average first home buyer loan $1,167 $291,567 $312,533 Average loan $371,455 $352,635 $342,3 Average loan $26,1 $251,813 $257,866 Average loan $249,1 $253,4 $269,166 HLAI Percentage Change HLAI Sydney Since previous quarter 1.1%.6% Chart 8: New South Wales HLAI Since corresponding quarter last year 5.5% 1.3% 5-8 ly value -9 - Long term average Dec- Chart 9: New South Wales Rents New South Wales Housing affordability in New South Wales improved over the quarter with the proportion of income required to meet loan repayments decreasing.4 percentage points to 37.4%. This figure decreased 2.2 percentage points compared to the e quarter of. Despite the improvement, the proportion of income required to meet loan repayments 5.5 percentage points higher than the nation s average, New South Wales remains the least affordable state or territory in which to buy a home. Over the quarter, New South Wales rental affordability improved by.3%. The proportion of income required to meet median rent payments decreased to 28.1%. Compared to the e quarter of the previous year, this proportion increased.5 percentage points. Of the total number of first home buyers that purchased during the e quarter, 22.1% were from New South Wales. The number of loans to first home buyers in New South Wales decreased.8% taking the number of loans to 5,552. When compared to the e quarter, loans to first home buyers decreased by 17.7%. The average loan to first home buyers increased 3.3% over the quarter and decreased 3.6% compared to the e quarter of the previous year to $1,167. The total number of loans issued (excluding refinancing) increased 7.3% over the quarter and decreased 21.6% compared to the same period last year to 24,817. The average loan size increased 5.% over the quarter and 6.9% compared to the same quarter of to $357,435. The average loan size in New South Wales remains the nation s largest. Rent and for Sydney from e 5 Rent $ per week fast fact New South Wales remains the least affordable state or territory in which to buy a home. Other dwellings Houses 7

8 Table 7: VICTORIA Home Loan Affordability Indicator (HLAI) Average HLAI since ch quarter % 32.6% 36.1% 21.8% 21.7% 22.8% Median weekly family income $1,56 $1,568 $1,489 Average monthly loan repayment $2,149 $2,214 $2,328 Average loan $316,547 $3,584 $312,67 Total number of loans (excl. refinancing) 25, 21,643 26,278 Number of loans to first home buyers 7,625 6,175 6,425 Average first home buyer loan $285,7 $28,33 $284,67 Average loan $322,537 $316,86 $3,723 Average loan $278,5 $197,58 $281,39 Average loan $227,416 $231,178 $186,62 Percentage Change HLAI Melb Since previous quarter 2.3%.5% Since corresponding quarter last year 13.4% 1.2% Chart : Victoria HLAI HLAI ly value -9 - Long term average Dec Victoria Over the quarter, Victoria recorded an improvement in housing affordability with the proportion of income required to meet loan repayments decreasing.8 percentage points to 31.8%. Compared to the e quarter, housing affordability improved by 4.3 percentage points. Rental affordability worsened during the quarter with the proportion of income required to meet median rents increasing.1 percentage points, from 21.7% in the previous quarter to 21.8%. Compared to the e quarter of, this figure declined 1. percentage point. The total number of loans (excluding refinancing) increased from the previous quarter by 16.% to 25,. Compared to the e figures, the total number of loans decreased 4.5%. The average loan size increased 1.9% over the quarter to $316,547, which is up 1.3% from last year. Victoria recorded the nation s largest increase in the number of loans to first home buyers over the quarter, up 23.5% to 7,625. Compared to the same quarter last year, the number of loans to first home buyers increased 18.7%. The average loan size to first home buyers increased 2.% over the quarter and.6% compared to the e quarter to $285,7. Of the total number of first home buyers that purchased during the e quarter,.4% were from Victoria. Chart 11: Victoria Rents Rent and for Melbourne from e 36 Rent $ per week fast fact Over the quarter, Victoria recorded the largest increase in the total number of loans across the country Other dwellings Houses 8

9 Housing Affordability Report HLAI Table 8: QUEENSLAND Home Loan Affordability Indicator (HLAI) Average HLAI since ch quarter %.8% 33.8% 22.6% 23.1% 23.6% Median weekly family income $1,546 $1,56 $1,485 Average monthly loan repayment $2,43 $2,81 $2,172 Average loan $,884 $291,964 $291,664 Total number of loans (excl. refinancing) 18,271 17,787 17,9 Number of loans to first home buyers 5,194 5,92 3,774 Average first home buyer loan $277,133 $272,533 $277,967 Average loan $5,257 $294,6 $296,18 Average loan n/a n/a $241,272 Average loan n/a n/a $246,828 Percentage Change HLAI Brisbane Since previous quarter.9%.6% Since corresponding quarter last year.8%.9% Chart 12: Queensland HLAI ly value -9 - Long term average Dec Queensland Queensland recorded an improvement in housing affordability with the proportion of income required to meet loan repayments decreasing.3 percentage points during the e quarter to.5%. When compared to the same quarter of the previous year, this is a 3.3 percentage point drop. Rental affordability also improved during the quarter with the proportion of income required to meet median rents declining.5 percentage points to 22.6%. Compared to the e quarter of, rental affordability improved by 1. percentage point. The number of loans to first home buyers increased 2.% over the quarter and 37.6% compared to the e quarter to 5,194. The average loan to first home buyers was $277,133,.3% lower than the figure recorded during the e quarter last year. The total number of loans (excluding refinancing) increased 2.7% to 18,271. This represents an increase of 5.6% compared to the e quarter of the previous year. The average loan size increased to $,884 which is a rise of 3.1% over the quarter and 3.2% compared to the same period last year. Chart 13: Queensland Rents Rent and for Brisbane from e Rent $ per week fast fact Over the year, Queensland recorded the largest increase in the number of loans to first home buyers across the country. Other dwellings Houses 9

10 HLAI Table 9: SOUTH AUSTRALIA Home Loan Affordability Indicator (HLAI) Average HLAI since ch quarter % 33.4% 35.3% 25.8% 26.4% 26.7% Median weekly family income $1,239 $1,229 $1,198 Average monthly loan repayment $1,716 $1,777 $1,834 Average loan $252,749 $249,437 $246,6 Total number of loans (excl. refinancing) 6,256 5,878 7,596 Number of loans to first home buyers 1,467 1,358 1,216 Average first home buyer loan $236, $234,833 $242,8 Average loan $268,939 $263,285 $25,426 Percentage Change HLAI Adelaide Since previous quarter 4.3%.3% Since corresponding quarter last year.6% 1.2% Chart 14: South Australia HLAI ly value -9 - Dec- Chart 15: South Australia Rents Long term average South Australia Despite the third largest improvement in housing affordability across the country over the quarter, South Australia remains the second least affordable state or territory in which to buy a home. The proportion of income required to meet monthly loan repayments in South Australia during the e quarter was recorded at 32.%. The proportion of income required to meet loan repayments decreased 1.4 percentage points over the quarter and 3.3 percentage points compared to the same period last year. Rental affordability improved by.6 percentage points with the proportion of income required to meet rent payments recorded at 25.8%. South Australia s rents are among the lowest in the country with the median rent for a three bedroom house at $3 per week. The median two bedroom other dwelling rent is $275 per week. Over the e quarter, the number of loans to first home buyers increased 8.% to 1,467. Compared to the same period last year, the number of first home buyer commitments increased.6%. The average loan size to first home buyers increased.6% during the quarter and decreased 2.7% compared to the e quarter to $236,. The total number of loans increased 6.4% in the e quarter and decreased 17.6% compared to the same time last year to 6,256. The average loan increased 1.3% over the last quarter and increased 2.7% compared to the e quarter to $252,749. fast fact Rent $ per week Rent and for Adelaide from e Despite Adelaide has the second lowest average loan size across the country, South Australia is the second least affordable state or territory in which to buy a home Other dwellings Houses

11 Housing Affordability Report Table : WESTERN AUSTRALIA Home Loan Affordability Indicator (HLAI) Average HLAI since ch quarter % 24.4% 26.8% 21.%.6%.% Median weekly family income $2,92 $2,61 $1,953 Average monthly loan repayment $2,8 $2,179 $2,27 Average loan $3,53 $5,778 $4,753 Total number of loans (excl. refinancing) 13,229 12,18 12,27 Number of loans to first home buyers 4,4 3,916 3,336 Average first home buyer loan $294, $287,767 $279,367 Average loan $315,723 $3,594 $8,867 Percentage Change HLAI Perth Since previous quarter 4.9%.5% Since corresponding quarter last year 15.3% 1.1% c r p c r p c r p c ar HLAI Chart 16: Western Australia HLAI ly value -9 - Long term average Dec Western Australia Housing affordability in Western Australia improved by 1.1 percentage points over the e quarter. The proportion of family income required to meet home loan repayments is now 23.3%. Compared to the same quarter of the previous year, the proportion of family income required to meet home loan repayments declined by 3.5 percentage points. Rental affordability worsened over the quarter. The proportion of income required to meet median rents increased by.4 percentage points to 21.%. When compared to the same quarter in, rental affordability worsened by 1. percentage point. The number of first home buyers increased by 9.9% over the quarter and 29.% compared to the e quarter to 4,4. The average loan to first home buyers increased over the quarter by 2.2% to $294,. Compared to the e quarter, the average loan to first home buyers increased 5.3%. The total number of loans (excluding refinancing) increased.1% to 13,229, representing an increase of.% compared to the e figures. The average loan was recorded at $3,53, 1.5% higher than the average loan in the previous quarter and 1.9% higher than the figure for the e quarter of the last year. Chart 17: Western Australia Rents Rent and for Perth from e Rent $ per week fast fact Across the country, rental affordability worsened the most in Western Australia Other dwellings Houses 11

12 Table 11: TASMANIA Home Loan Affordability Indicator (HLAI) Average HLAI since ch quarter % 27.3%.2% 25.7% 26.7% 26.8% Median weekly family income $1,285 $1,271 $1,232 Average monthly loan repayment $1,421 $1,51 $1,613 Average loan $9,257 $2,616 $216,574 Total number of loans (excl. refinancing) 1,799 1,747 1,931 Number of loans to first home buyers Average first home buyer loan $192,133 $197,867 $199,533 Average loan $235,837 $235,466 $2, Percentage Change HLAI Hobart Since previous quarter 6.8% -.4% Since corresponding quarter last year 18.4%.8% Chart 18: Tasmania HLAI HLAI 6 5 ly value Long term average Tasmania Tasmania recorded the largest improvement in housing affordability over the e quarter. The proportion of income required to meet home loan repayments decreased 1.8 percentage points to 25.5%. Compared to the same period last year, housing affordability improved 4.7 percentage points. Rental affordability improved by 1. percentage point over the quarter and 1.1 percentage points over the year with the proportion of income required to meet median rent payments decreasing to 25.7%. Together with New South Wales and South Australia, Tasmania is one of the least affordable states or territories in which to rent. The number of first home buyers increased by 5.8% to 365 over the quarter and declined 9.7% compared to the same quarter last year. The average loan to first home buyers decreased 2.9% over the quarter and 3.7% compared to the e quarter to $192,133. The total number of new loans (excluding refinancing) increased by 3.% to 1,799 over the quarter, which represents a decrease of 6.8% compared to the e quarter. The average loan size decreased.6% over the quarter and 3.4% compared to the e quarter to $9,257. Tasmania continues to have the lowest average loan size in the country Dec Chart 19: Tasmania Rents Rent and for Hobart from e Rent $ per week fast fact Over the quarter, Tasmania recorded the largest improvement in housing affordability across the country Other dwellings Houses 12

13 Housing Affordability Report Table 12: NORTHERN TERRITORY Home Loan Affordability Indicator (HLAI) Average HLAI since ch quarter % 23.5% 23.4% 23.6% 24.3% 25.4% Median weekly family income $2,368 $2,4 $2,123 Average monthly loan repayment $2,351 $2,348 $2,149 Average loan $346,195 $329,463 $288,546 Total number of loans (excl. refinancing) Number of loans to first home buyers Average first home buyer loan $319,467 $4,333 $5, Average loan $355,565 $342,31 $293,538 Percentage Change HLAI Darwin Since previous quarter 2.8%.9% Since corresponding quarter last year 2.1% 1.6% Chart : Northern Territory HLAI 7 ly value Long term average Northern Territory The proportion of income required to meet loan repayments decreased.6 percentage points to 22.9% over the e quarter. Northern Territory remains the second most affordable state or territory in which to buy a home. Housing affordability improved by.5 percentage points compared to the same quarter of. The proportion of income required to meet median rents decreased.7 percentage points over the quarter. Rental affordability improved by 1.8 percentage points compared to the e quarter. Compared to the previous quarter, the number of first home buyers loan commitments decreased 5.2% to 217. This is 37.3% higher than the figure recorded a year ago. The average loan to first home buyers increased 5.% over the quarter and 4.7% compared to the e quarter of to $319,467. The total number of loans (excluding refinancing) increased 1.3% over the e quarter and.1% compared to the same period last year to 693. The average loan increased this quarter by 5.1% to $346,195, a.% jump from a year ago. 6 5 HLAI Dec Chart 21: Northern Territory Rents Rent and for Darwin from e Rent $ per week fast fact Over the year, the Northern Territory recorded the largest increase in the average loan size across Australia. Other dwellings Houses 13

14 Table 13: AUSTRALIAN CAPITAL TERRITORY Chart 22: Australian Capital Territory HLAI Home Loan Affordability Indicator (HLAI) Average HLAI since ch quarter % 18.8% 19.2% 16.% 16.8% 16.7% Median weekly family income $2,879 $2,81 $2,691 Average monthly loan repayment $2,1 $2,281 $2,241 Average loan $315,247 $3,82 $,961 Total number of loans (excl. refinancing) 1,817 1,599 2,217 Number of loans to first home buyers Average first home buyer loan $3,733 $289,867 $29,433 Average loan $348,679 $352,545 $311,166 Percentage Change HLAI Canberra Since previous quarter 9.6%.6% 7 Since corresponding quarter last year 12.1% 1.2% ly value Long term average Australian Capital Territory The proportion of income required to meet home loan repayments in the Australian Capital Territory decreased 1.6 percentage points over the e quarter to 17.2%. The ACT remains the most affordable state or territory in which to buy a home; a position held for the past six years. The territory s rents are amongst the highest in the country at $46 per week for a three bedroom house, and $45 for a two bedroom other dwellings. Over the quarter, rental affordability improved.8 percentage points to 16.%. The number of first home buyers increased 1.9% to 377 during the quarter. This is 3.3% lower than a year ago. The average loan for first home buyers increased 7.2% over the quarter and 7.% compared to the same time last year to $3,733. The total number of loans (excluding refinancing) increased 13.6% over the quarter but declined 18.% compared to the e quarter to 1,817. The average loan size decreased 1.5% over the e quarter to $315,247; this represents an increase of 4.7% compared to the same period. 6 5 HLAI Dec Rent $ per week Chart 23: Australian Capital Territory Rents Rent and for Canberra from e fast fact The Australian Capital Territory remains the most affordable state or territory in which to buy a home Houses Other dwellings 14

15 Adelaide Bank/REIA Housing Affordability Report is based on data from all major lending institutions. It is a comprehensive and accurate assessment of the ability of Australians to meet the cost of home purchase. Any differences between information contained in this report and previous editions of the Adelaide Bank/REIA Housing Affordability Report are due to revisions in the database that may be necessary from time to time. Home Loan Affordability Indicator: A ratio of family income to average loan payments. (An increase denotes easier affordability). The HLAI divided by a (constant) factor of is the number of times by which median family income exceeds average home loan repayments in a full year. The reciprocal value of the HLAI is the proportion of family income that is required to repay the average home loan in a full year. Loans: Average size and total number for first home buyers and all borrowers (excluding refinancing) are average data over the quarter, based on all lender data from the ABS. Average Monthly Loan Repayment: Loan repayment figures are calculated from data provided by the ABS, Cannex Pollfax, and financial institutions across Australia. From the e quarter, interest rates are calculated as weighted average interest rates for banks, building societies and other lenders. Median Weekly Family Income: A family is defined as a married couple with or without dependent children. The major part of family income is adult wages and salaries. Income data are sourced from ABS records, and updated on the basis of movements in average weekly earnings. ly Median House Prices/ ly Median Vacancy Rates: House price and vacancy data are taken from Bendigo Bank/REIA Real Estate ket Facts publication. Proportion of Family Income to Meet Rent Payments: The percentage of Median Weekly Family Income required to meet the median rent for a three bedroom house. Rents are obtained from Bendigo Bank/REIA Real Estate ket Facts publication. Real Estate Institute of Australia The Real Estate Institute of Australia is a federation of state and territory Real Estate Institutes. Formed in 1924, it represents the real estate industry in Australia at national and international levels. Real Estate House 16 Thesiger Court, Deakin, ACT PO Box 234, Deakin West, ACT 26 Phone: (2) Fax: (2) Website: Adelaide Bank Adelaide Bank is a leading customer connected business, operating for more than years. Adelaide Bank was established in January 1994, originating from the Co-operative Building Society of South Australia, which was Australia's largest building society at that time. Adelaide Bank is now the dedicated intermediary lending business of Bendigo and Adelaide Bank Limited. We have a specialised focus on supporting intermediaries through continued product innovation and exceptional service levels. Adelaide Bank s success is achieved by distributing mortgage products through partnerships with industry professionals. This offers our customers the freedom of choice when sourcing products that best meet their financial needs. Adelaide Bank Helpline within Australia: overseas: All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by means of electronic, mechanical, photocopy, recording or otherwise, without the prior consent of the publishers. REAL ESTATE INSTITUTE OF AUSTRALIA ISSN: Registered by Australia Post. Publication No. PP /45 15

16 We care about housing affordability Just as much as you We ve been assisting Australians with home loans for more than years and we re pleased to support the work of the Real Estate Institute of Australia in preparing the quarterly Home Loan Affordability Report. Our vision is to deliver well-designed, value-for-money lending solutions and a stress-free experience to aspiring home owners and their chosen advisers. We know that finding your perfect home can be stressful enough without worrying about the finance. That s why you can rely on us to make this side of things as smooth as possible. If you d like more information about our home loans visit adelaidebank.com.au Expect more adelaidebank.com.au Adelaide Bank, a division of Bendigo and Adelaide Bank Limited ABN AFSL/Australia Credit Licence , 169 Pirie Street Adelaide SA 5 (S41124) (8/12)

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