Rental Market Best Affordability in 11 Years
According to a study by the Real Estate Institute of Australia (REIA), rental affordability around Australia has hit an 11-year high. The study found that the proportion of a household's income required to pay rent decreased to 23.8 per cent for the second quarter of 2019. This is a drop of 1.2 percentage points for the quarter and 0.3 percentage points for the year. In contrast, housing affordability declined in the second quarter due to increasing loan amounts.
These rental affordability statistics are good news for property investors as people are still looking to renting instead of buying as housing affordability remains a challenge for many Australians. According to the REIA's study, loan amounts for the June quarter increased by between 0.2 per cent and 6.2 per cent across all states and territories. Further, the number of loans written increased by 6.6%. This is likely on the back of the RBA's recent rate cuts and the fact that these cuts have been passed down by Australia's banks.
First home buyers have driven some of this year's loan activity, with first home buyer loans to owner-occupiers increasing five out of the six months to 30 June 2019. Compared to the last 12 months, however, there were 16,521 fewer home loans written which equates to a drop of 15.1 per cent.
Looking across each state and territory, New South Wales remains the most expensive place to buy a home. According to the REIA's study, the proportion of income needed to make loan repayments is 6 percentage points above other states and territories around Australia. The proportion of family income required to meet loan repayments in each state and territory is as follows:
• Victoria - 32.5 per cent
• Queensland - 28.2 per cent
• South Australia - 27.1 per cent
• Western Australia - 22.4 per cent
• Tasmania - 25.8 per cent
• Northern Territory - 20.6 per cent
• Australian Capital Territory - 20.6 per cent
Lending activity appears to have picked up slightly in recent months. This is likely to have been driven by the RBA's recent rate cuts and declining property prices. With the Government and the RBA still at odds about how to stimulate Australia's economy, uncertainty remains about whether the property market is about to experience another uptick in prices.
For further information about real estate deals in this area, contact No Bull Real Estate, your most reliable and friendly real estate agents in Newcastle. Buying, selling, leasing for residential, commercial, industrial property, contact your local expert to buy, sell or lease today on 49552624 or www.nobullrealestate.com.au
June
29 Jun 2020 | 6 Bookshelf Ideas
22 Jun 2020 | Edgeworth Real Estate
15 Jun 2020 | Whats the property market up to now?
12 Jun 2020 | Cameron Park Real Estate
10 Jun 2020 | 4 Common property ownership structures
04 Jun 2020 | End of financial year is coming
02 Jun 2020 | Holmesville Real Estate
May
29 May 2020 | Hygge: perfect time to embrace cosy
25 May 2020 | West Wallsend Real Estate
19 May 2020 | Catch up on all your rental property admin
13 May 2020 | Argenton Real Estate
11 May 2020 | Four amazing books to explore right now
05 May 2020 | Bullet-proofing your investment property
01 May 2020 | Barnsley Real Estate
April
25 Apr 2020 | Mindsets keeping you from prosperity
22 Apr 2020 | Awaba Real Estate
20 Apr 2020 | Demand for apartments in 2020?
14 Apr 2020 | Cleaning to escape the flu
09 Apr 2020 | Arcadia Vale Real Estate
07 Apr 2020 | 4 Ways to maximise your rent in a crisis
March
30 Mar 2020 | Wickham Property Management
25 Mar 2020 | Does the value of my investment go down?
17 Mar 2020 | Waratah West Property Management
12 Mar 2020 | How to build savings and pay off debt
09 Mar 2020 | Being smart about your tax deductions
05 Mar 2020 | Waratah Property Management
02 Mar 2020 | 5 alternatives to a side table
February
27 Feb 2020 | Decade ahead for Australia's cities
24 Feb 2020 | Warabrook Property Management
18 Feb 2020 | The benefits of rentvesting
14 Feb 2020 | Wallsend Property Management
12 Feb 2020 | Try these homemade floor cleaner recipes
07 Feb 2020 | 4 items to transform your tiny kitchen
05 Feb 2020 | Tighes Hill Property Management
03 Feb 2020 | Why you shouldn't buy a rental locally
January
30 Jan 2020 | Stockton Property Management
28 Jan 2020 | 6 Tips for Investing Success in 2020
20 Jan 2020 | Shortland Property Management
17 Jan 2020 | New Year decluttering ideas
13 Jan 2020 | Become a better investor with these 4 tips
07 Jan 2020 | Financial advice for investment in property
December
17 Dec 2019 | Make your home a peaceful sanctuary
13 Dec 2019 | Effectively setting goals for the new year
09 Dec 2019 | Rankin Park Property Management
06 Dec 2019 | Things to do around home these holidays
01 Dec 2019 | Mount Hutton Property Management
November
29 Nov 2019 | Buying Property with a Friend
25 Nov 2019 | Tips Every Renter Needs to Know
22 Nov 2019 | Morisset Property Management
20 Nov 2019 | Consumer Confidence is at a Four-Year Low
16 Nov 2019 | Co-Living is Providing New Living Spaces
09 Nov 2019 | Minmi Property Management
05 Nov 2019 | 0% Interest Rates and Start QE
01 Nov 2019 | Merewether Heights Property Management
October
30 Oct 2019 | Splitting Rent & Expenses with Housemates
23 Oct 2019 | Merewether Property Management
17 Oct 2019 | Mayfield West Property Management
15 Oct 2019 | Rental Market Best Affordability in 11 Years
11 Oct 2019 | Strengthen your Investment Strategy
08 Oct 2019 | 5 Steps to Get Your Rental Bond Back in Full
04 Oct 2019 | Mayfield East Property Management
02 Oct 2019 | 3 Key Steps for Property Investing Success
September
26 Sep 2019 | Mayfield Property Management
23 Sep 2019 | Is Australia headed for a 0% cash rate?
18 Sep 2019 | Maryville Property Management
16 Sep 2019 | House or apartment? Which is better?
11 Sep 2019 | Maryland Property Management
09 Sep 2019 | Top Tips for Spring Cleaning your Home
05 Sep 2019 | Lambton Property Management
03 Sep 2019 | Fragile Conditions in Construction Sector
August
30 Aug 2019 | Winter reading for the savvy investor
26 Aug 2019 | Kotara South Property Management
24 Aug 2019 | Freshen up your space in winter
20 Aug 2019 | Power of buying in good school catchments
18 Aug 2019 | Kotara Property Management
14 Aug 2019 | How to dress up a drab bathroom
12 Aug 2019 | The Junction Property Management
09 Aug 2019 | Another month, another rate cut
07 Aug 2019 | Jesmond Property Management
July
30 Jul 2019 | Islington Property Management
25 Jul 2019 | The Federal Election is over, now what?
19 Jul 2019 | The Hill Property Management
18 Jul 2019 | Multipurpose items for your home
15 Jul 2019 | Hexham Property Management
12 Jul 2019 | How to make tax time go smoothly
08 Jul 2019 | Hamilton South Property Management
06 Jul 2019 | 4 things when searching for a rental
04 Jul 2019 | ATO cracking down on deductions
02 Jul 2019 | Hamilton North Property Management
June
30 Jun 2019 | The case for renting over buying
24 Jun 2019 | Hamilton East Property Management
20 Jun 2019 | New home approvals declined in 2019
17 Jun 2019 | Hamilton Property Management
15 Jun 2019 | Turn your place into a cosy winter home
11 Jun 2019 | Georgetown Property Management
08 Jun 2019 | Regional Areas Value Declines
06 Jun 2019 | Time Spent On Property Research
03 Jun 2019 | Fletcher Property Management
May
29 May 2019 | Conversations with potential housemates
27 May 2019 | Elermore Vale Property Management
25 May 2019 | Lending to households has increased
22 May 2019 | Cooks Hill Property Management
20 May 2019 | Create more storage space in your home
13 May 2019 | 3 finance hacks investors should know
10 May 2019 | Carrington Property Management
06 May 2019 | Broadmeadow Property Management
03 May 2019 | Is it worth buying a budget property
01 May 2019 | Black Hill Property Management
April
29 Apr 2019 | Rental Vacancy Rates
23 Apr 2019 | Birmingham Gardens Property Management
17 Apr 2019 | Beresfield Property Management
16 Apr 2019 | Off Market Property Sales
11 Apr 2019 | Strong Rental Applications
08 Apr 2019 | Bar Beach Property Management
05 Apr 2019 | Increase your chances of a loan approval
03 Apr 2019 | Adamstown Heights Property Management
01 Apr 2019 | Moving into a share house
March
28 Mar 2019 | Adamstown Property Management
25 Mar 2019 | Banking Royal Commission
18 Mar 2019 | Newcastle Property Management
15 Mar 2019 | Proposed negative gearing policy
12 Mar 2019 | Seahampton Property Management
08 Mar 2019 | Gross rental yields are at a 2½ year high
04 Mar 2019 | Edgeworth Property Management
February
25 Feb 2019 | The importance of negotiation skills
20 Feb 2019 | Barnsley Property Management
14 Feb 2019 | Property market in 2019
07 Feb 2019 | Warners Bay Real Estate
January
31 Jan 2019 | Split your household bills
23 Jan 2019 | West Wallsend Real Estate
18 Jan 2019 | Fixtures and fittings in your property
17 Jan 2019 | Toronto Real Estate
11 Jan 2019 | Australian house prices in 2019
08 Jan 2019 | Speers Point Real Estate
December
18 Dec 2018 | Rathmines Real Estate
11 Dec 2018 | Killingworth Real Estate
06 Dec 2018 | Holiday reading for property investors
03 Dec 2018 | Popular areas to rent in 2018
November
30 Nov 2018 | Jesmond Real Estate
21 Nov 2018 | Getting to know your neighbourhood.
13 Nov 2018 | Islington Real Estate
09 Nov 2018 | Indicators for future growth
07 Nov 2018 | Hamilton Real Estate
02 Nov 2018 | New home construction to fall in 2019.
October
29 Oct 2018 | Fennell Bay Real Estate
25 Oct 2018 | Are you storm ready?
22 Oct 2018 | Fassifern Real Estate
15 Oct 2018 | How to keep your property cool
11 Oct 2018 | Elermore Vale Real Estate
08 Oct 2018 | Is it the right time to buy again?
05 Oct 2018 | Cooks Hill Real Estate
02 Oct 2018 | Avoid financial pitfalls
September
26 Sep 2018 | Coal Point Real Estate
19 Sep 2018 | Get your rental bond back
10 Sep 2018 | Carrington Real Estate
06 Sep 2018 | The rise of micro-apartments
03 Sep 2018 | Cardiff Real Estate
August
31 Aug 2018 | Downsides to positive cash flow properties?
28 Aug 2018 | Callaghan Real Estate
20 Aug 2018 | Booragul Real Estate
13 Aug 2018 | How To Find A Great Housemate
03 Aug 2018 | Boolaroo Real Estate
July
27 Jul 2018 | Blackalls Park Real Estate
20 Jul 2018 | Birmingham Gardens Real Estate
12 Jul 2018 | Beresfield Real Estate