ANZ CoreLogic Housing Affordability Report 2024

The ANZ CoreLogic Housing Affordability Report offers insights on the trends and drivers of housing affordability across Australia.

The report findings show that, despite national trends, housing affordability in Melbourne is improving, offering a silver lining for property buyers.

Nationally, housing affordability has continued to deteriorate, with the median dwelling value-to-income ratio rising to 7.9 and the portion of income required to service a new mortgage reaching a high of 50.3 per cent.

Melbourne has seen a 4.9 per cent decline in home values from the peak, coupled with modest income growth, making it one of the few markets where housing affordability is improving.

However, at the same time, rental values have increased by 8.4 per cent annually over the past three years, creating greater challenges for renters.

Factors such as elevated interest costs, low pre-sales, competition for trades and higher building costs could impact future dwelling approvals and completions, potentially leading to declines in housing affordability across the country.

You can download a copy of the full report and view a list of the report’s coverage below.

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