The proportion of Australian households renting their home increased to 32 per cent in 2017–18, according to new figures released by the Australian Bureau of Statistics (ABS). This is an increase from 27 per cent in 1997–98.
“The combination of lower home prices, improvements in wage growth and lower interest rates have contributed to the ongoing improvement in the HIA Affordability Index for the June 2019 quarter,” said Geordan Murray, HIA Senior Economist.
Following the federal election, and before the Queensland Budget was handed down, the property industry’s sentiment increased on both a national and state level, according to the latest ANZ/Property Council Survey.
Property industry confidence in the ACT has fallen for the September 2019 quarter according to the latest ANZ/Property Council Survey. The quarterly survey tracks sentiment from across the property industry, including the residential and commercial sectors.
Property industry confidence has jumped following the federal election outcome in a positive sign for the Australian economy, but the Property Council has warned that a number of economic factors remain challenging for the industry which is Australia’s largest employer.
“The announcement by APRA that the mortgage serviceability test is to be relaxed is great news at a time when the potential exists for a recovery in new home building,” Master Builders Australia Chief Economist Shane Garrett said.
“The number of building approvals for new homes across Australia increased during May (2019), adding to evidence that Australia’s housing market is in the early stages of a recovery,” Shane Garrett, Master Builders Australia Chief Economist said.