Housing and affordability in Tasmania improved over the June quarter, according to the Real Estate Institute of Australia.
The institute’s latest housing affordability report showed the portion of income needed to meet home loan repayments had dropped slightly to 29 per cent.
It said rental affordability had also improved with the proportion of income required to meet median rents decreasing to 28.5 per cent.
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It is widely acknowledged a household is in housing stress if costs go over 30 per cent of income earnings.
The number of first-home buyers in Tasmania dropped to 518 over the quarter.
This was 8.2 per cent lower than the previous quarter.
The porportion of first-home buyers in the state’s owner-occupier market was 32.9 per cent.
The average loan for first-home buyers was $303,089.
The total number of new loans for Tasmanian dwellings dropped by 9.1 per cent over the quarter to 1575.
This figure was 20.7 per cent lower than in the June quarter of last year.
The average home loan size in general was $344,825.
This was an increase of 17.9 per cent compared to the June quarter in 2019.
REIA president Adrian Kelly said Tasmania continued to have the lowest average loan size across the country.
This is 30.1 per cent lower than the national average.
Nationally, the proportion of income needed to rent had dropped slightly to 23.3 per cent for the quarter.
The proportion of income required to meet loan repayments was 34.5 per cent, the report said.
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