The results are in: Australia’s home loan affordability has improved by 4.4% over the past 12 months,
This is one of the many finding in a recently released report: PRD Research's Q3 Key Market Indicators
Their other key findings were:
- Consumer sentiment is a key indication of the general population’s confidence in the economy, whereby a higher index point reading suggests consumers are more willing to spend rather than save. Consumer sentiment has remained under the positive line (100 index points) in August 2017, currently at 95.5 index points.
- The Australian weekly median income is recorded at $1,688 in March 2017 an increase of 2.2% over the past 12 months.
- Consumer price index has decreased to 1.9 index points, suggesting goods and services are more affordable when compared to the previous quarter.
- Affordability for all, in particular first home buyers, continues to be a hot topic and a key concern. Over the past 12 months Australian Home Loan Affordability Indicator reflects an increase for all states, with the highest increase found in Northern Territory.
The PRDnationwide Q3 2017 Key Economic Indicators provides a quick snapshot of the current state of affairs from an economic and property perspective.
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The Key Economic Indicators cover both national and state level data, comprising of:
- Number of loans to first home buyers
- Home loan affordability index
- Number of dwelling approvals
- Consumer sentiment index
- Standard variable loan
- Consumer price inflation index
- Unemployment rate
- Weekly family income
- Nett migration
Let's look at each State: