Firstly, a new report shows that housing affordability has improved in Queensland.
Secondly, the Reserve Bank decided to keep interest rates on hold this month.
So it’s a double whammy which means you’ll need a lower proportion of your income to pay off a home loan.
The latest Adelaide Bank/REIA Housing Affordability Report reveals the proportion of income required to meet mortgage repayments in the state decreased half a per cent to 26.8 per cent in the three months to the end of September, reports realestate.com.au.
Rental affordability also improved with the proportion of median family income spent on rent dropping 0.2 per cent to 22.8 per cent.
Both mortgage and rental affordability levels were an improvement on this time last year.
In more welcome news for home buyers, and investors, the last meeting of the Reserve Bank for 2017 left interest rates on hold at a record low of 1.5 per cent.
The Reserve Bank cash rate, which affects the interest rate banks charge you, has been on hold since August 2016.
And in even better news the Reserve Bank doesn’t appear to be in a hurry to increase rates any time soon. Some experts are tipping we might see the cash rate remain on hold well into 2018.
If an affordable housing market is what you wished for this Christmas, view our current listings for sale or check our listings for rent.
