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The proportion of income required to meet monthly loan repayments in South Australia during the March quarter was recorded at 30.6%. Housing affordability improved 0.8 percentage points over the quarter and 2.8 percentage points compared to the same time last year.
Over the quarter, rental affordability worsened by 0.6 percentage points, with the proportion of income required to meet rent payments recorded at 25.6%. Compared to the March quarter of the previous year, that’s an improvement of 0.8 percentage points.
Over the March quarter, South Australia recorded the nation’s only increase in the number of loans to first home buyers, up to 1.8%, to 1,534. Compared to the same quarter in 2012, the number of first home buyer commitments rose 15.3% and of all first home buyers over the quarter 8.4% were in South Australia. The average loan size to first home buyers increased 0.5% during the quarter and 2.3% compared to the first quarter of 2012, to $242,433.
The total number of loans declined 2.4% over the quarter but increased 1.6% compared to the March quarter 2012, to 5,973. The average loan fell 1.7% over the quarter to $261,971; this is 5.0% higher than the figure last year.
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