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eTradesman.com.au - Australia's Online Tradesman Directory

Tradesman NEWS - Collapse in Housing Affordability Stings Brisbane Market

A surge in interest rates in the first quarter of 2008, combined with complex planning laws and exorbitant property charges and taxes have contributed to yet another record low for housing affordability in Brisbane, and also in Regional Queensland. The HIA-CBA First Home Buyer Affordability Index dropped by 15.2 per cent in Brisbane over the March quarter and was down by 3.5 per cent in the rest of Queensland. In the March quarter of 2008 interest rates increased by 0.8 of a percentage point on account of two official RBA rate rises and several retail rate increases. In tandem with continued house price growth in Brisbane in particular, the average home loan repayment increased by 18.9 per cent in Brisbane to $3,578 per month while for Regional Queensland the monthly repayment rose by 4.5 per cent to $2,922. HIA’s Queensland Executive Director, Mr Warwick Temby said today’s report highlighted the importance of the Federal and State Governments’ housing affordability programs and the need for urgent planning and taxation reform across all levels of government. Mr Temby said that without comprehensive reform affordability was unlikely to improve. The report showed that affordability worsened in all capital cities with the exception of Sydney and a levelling out in Hobart. For the quarter, the greatest falls in affordability were recorded in Brisbane and Canberra. Up until the last five years, renting provided young families with an affordable alternative while a deposit was saved for a family home. Recent inflation figures confirm that saving while renting is becoming increasingly difficult as rents are now eating not only into the family budget but making it impossible to save. “The cost of planning and development charges is worthy of urgent attention as are chronic skill shortages which are adding to price and supply pressures. This should be the number one priority for Infrastructure Australia. Investment in infrastructure should be directed at where 80 per cent of Australians live, urban Australia,” said Warwick Temby. View this official article HERE.<-A> Source: HIA
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