Century 21, the largest real estate company in the Asia Pacific region, believes that the recent increase in housing affordability should help to deliver a much needed boost to the residential property market in Australia.
The June 2011 quarter saw the Housing Industry Association-Commonwealth Bank Housing Affordability Index rise by 0.8 per cent, a result that sees the Index sit 7.2 per cent above its position at the same time 12 months ago.
This recorded increase should go some way to ease the uncertainty that prospective buyers have displayed of late.
This improvement in affordability comes at an excellent time and will hopefully help to restore buyer sentiment in the market.
Apart from Brisbane, the Index showed that housing affordability picked up across all Australian capital cities over the quarter.
It has been a confusing year for the property market, with extended uncertainty surrounding interest rate movements and heightened concerns regarding global financial market.
This increased affordability should make the buying process easier for those people who are financially able and have sought the appropriate professional guidance.
The Index also saw housing affordability lift in the non-metropolitan regions of New South Wales, Victoria and Western Australia.