Australian Housing Affordability Reaches Historic Low

New data from the Real Estate Institute of Australia indicates that 48.6 percent of median family income was needed for average loan repayments in the September quarter of 2024. This marks a 0.4 percentage point increase from the prior quarter, driven by rising mortgage sizes and stable interest rates.

For Melbourne's western growth corridor, this trend suggests continued challenges for first-home buyers and those with existing mortgages. Investors might find rental demand remains strong as homeownership becomes harder for many.