The Australian Capital Territory was recently singled out as the most affordable state or territory in which to purchase a home – great news for anyone looking for Belconnen or Gungahlin real estate.
Following this week's decision by the Reserve Bank of Australia (RBA) to leave the official cash rate unchanged at its historic low of 2.5 per cent, the latest Adelaide Bank/REIA Housing Affordability Report shows that housing affordability across the country is continuing its two-year improvement.
The proportion of income required for mortgage repayments is now at 28.7 per cent, which is the lowest in ten years, according to a September 4 media release from REIA.
REIA President Peter Bushby also pointed out that those planning to buy Belconnen real estate were in luck.
"Due largely to a higher average income, the ACT is still the most affordable state or territory in which to buy a home," he said.
"Affordability is improved in all states and territories when compared to the same time last year and no doubt, the seven interest rate cuts since November 2011 have played a role."