Anyone looking into purchasing real estate in Surfers Paradise could be interested to hear the latest Adelaide Bank/Real Estate Institute of Australia (REIA) Housing Affordability Report indicated the increasing affordability of property nationwide.
According to REIA President Peter Bushby, there was an improvement in housing affordability across Australia during the September quarter, with the proportion of income needed to meet loan repayment requirements decreasing by 1.2 percentage points – down to a low 29.8 per cent.
"All states and territories recorded improvements in affordability over the quarter – the largest in Tasmania, where the proportion dropped by 1.6 percentage points to 24.6 per cent," said Mr Bushby in a December 4 statement.
The proportion required in Queensland alone was 27.6 per cent, with an average monthly loan repayment of $1,826 and an average loan size of $294,423.
This could be great news for anyone sitting on the fence about purchasing Surfers Paradise property, with a statewide increase in housing affordability making it even easier for buyers – investors, first home buyers or owners occupiers – to secure homes in the region.