According to a report released this week by the Real Estate Institute of Australia (REIA), Australia's tenants are now spending almost a quarter of their family income on rent payments.
REIA President Noel Dyett says that renters and buyers are feeling the fallout from consectuive interest rate rises, with the Deposit Power/REIA March quarter 2008 Housing Affordability Report showing a deterioration in both rental and home loan affordability across Australia.
Overall in Australia, families required 24.7% of their median family income to meet rent repayments in the March 2008 quarter. This compares with 22.8% of family income required for rent in the same period in March 2007 and 23.9% in December 2007.
My Dyett concludes that there is little prospect that rental affordability will improve in the short-term, particularly noting the downward trend in investor finance in response to recent interest rate rises combined with extreme tight vacancy rates in all capital cities.
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