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HOME LOAN AFFORDABILITY IN AUSTRALIA FALLS FURTHER: SURVEY.
SYDNEY, Sept 1 Asia Pulse - Home loan affordability fell to its lowest level since 1990 in the June quarter, a new survey by the Real Estate Institute of Australia (REIA) and AMP Banking has found.
Increases in the average size of an Australian home loan and monthly repayments, accompanied by unchanged weekly family income were the main factors in the fall, the ninth successive quarterly deterioration recorded by the AMP/REIA Home Loan Affordability Report.
In the three months to June 2004 the size of an average home loan increased by 5.4 per cent, to A$213,515 (US$150,000), up from $202,545 in the previous quarter.
Average loan repayments rose by 5.3 per cent to $1,493 from ,417 last quarter.
Median family income remained at $1,065 in the same period.
The number of home loans issued increased slightly in the three months, up 1.8 per cent to 103,149, but first home buyers continued to be under-represented in the market, with only moderate growth over the period.
Median house prices in Hobart, Adelaide and Darwin increased during the quarter, while in Sydney they remained steady and declined in Melbourne, Perth, Brisbane and Canberra.
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