New South Wales continues to be the least affordable state or territory for renters, with the State’s proportion of income required to meet rent repayments 28.3 per cent. This is 4.3 percentage points higher than the national level.
On the other end of the spectrum, Western Australia, where the proportion of income required to meet median rents is 16.6 per cent, is the most affordable state or territory to rent a property.
The number of loans increased across the country by 3.3 per cent for the quarter, with increases seen in all states and territories except Queensland.
The number of first home buyers increased to 29,147, an increase of 3.8 per cent during the quarter.
The report shows Tasmania, the Northern Territory and the Australian Capital Territory experiencing relatively large increases in loans to the first home buyer market.