ACT Tops Affordability List For Homebuyers
First home buyers may want to consider the Australian Capital Territory (ACT) as a place to enter the real estate market, after it was named – once again – the most affordable state to buy a house.
ACT is one of the prime spots for homebuyers, according to data released by the Real Estate Institute of Australia (REIA) Housing Affordability report.
During the June quarter, ACT managed to hold onto its most affordable title – a position it has held since March 2006.
Real Estate Institute of Australian Capital Territory (REIACT) director Craig Bright said the findings in the report are fantastic news for homebuyers.
"It is great news that Canberrans have to spend less of their salary on meeting their home loan repayments."
It has the potential to create better conditions for home ownership and this could make it more achievable for residents in ACT, he added.
"This is reflected in the number of first home buyers we are seeing getting onto the market. During the quarter, the number of first home buyers rose 1.9 per cent.
Mr Bright said rental property prices in ACT are high, but they are affordable when compared to household incomes in the state.