Home affordability improves in Sep quarter

The HIA/Commonwealth Bank First Home Buyer Affordability Index improved by 3% in the September 2008 quarter - a good result, even though it is still not back to the levels seen at the same time last year.

The report shows that affordability improved over the September quarter in Sydney, Melbourne, Adelaide, Hobart, Regional Queensland, Regional South Australia and Regional Tasmania.

HIA Chief Executive - Policy, Chris Lamont, said that the moderate improvement over the quarter was a result of lower house prices offsetting higher borrowing costs.