Housing affordability decreased in 2023, driven by a simultaneous increase in housing values, rent values and interest rates, a new report by ANZ and CoreLogic has found.
Released today, the ANZ CoreLogic Housing Affordability Report takes a retrospective look on the state of affordability of home ownership in Australia over the past 12 months and the differences in market dynamics across major metropolitan centres and in Australia’s regional areas.
The report revealed in the year to September, the time to save a 20 per cent deposit has climbed to 10 years nationally, and to 12.6 years in Sydney. Sydney also requires a record 58.1 per cent of income to service a new loan.
Unlike Sydney, some aspects of affordability have improved in Melbourne for buyers in the five years to September, with the time to save a deposit at 9.6 years, down from 10.2 years in September 2018.
You can download a copy of the full report and view a list of the report’s coverage below.