The Australian Capital Territory has been named the most affordable state in the nation, in the latest Adelaide Bank/Real Estate Institute of Australia (REIA) Housing Affordability Report. This was after the state experienced a reduction in the proportion of income needed to make minimum loan repayments.
This could be great news for anyone interested in purchasing Belconnen real estate in the near future, as the average proportion of income needed by families to meet their repayments reduced by 1.2 percentage points to rest at 29.8 per cent.
REIA President Peter Bushby said all states underwent similar growth, which highlights a growing confidence in the market and an overall increase in the number of houses being brought across the nation.
However, first home buyers in the national market dropped from 14.6 per cent in the June quarter down to 12.6 per cent over the September quarter. This is one of the lowest first home buyer figures since the records began.
Overall, this could be fantastic news for anyone interested in buying Gungahlin real estate, with the potential for an influx of people moving to the state looking to purchase new properties. Now could be the perfect time to secure property in the Australian Capital Territory.