Homes have not been this affordable for 7 years

Interest rates have improved housing affordability for first time buyers to their best levels in seven years, a survey says.

The Housing Industry Association – CBA housing affordability index for first home buyers rose 22.3 index points in the March quarter to 175.8 points.

“This took housing affordability to levels not seen since 2002,” said the report, published today.

“Further drops in interest rates and moderation in house prices in some regions drove continued improvement in housing affordability.”

Moreover, the index was 69.9 points higher than in the March quarter of 2008, an improvement of 66 per cent.

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