Turbulent Year for Renters and Buyers Alike |
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Written by REIA Press Release
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Friday, 25 January 2008 |
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The Real Estate Institute of Australia (REIA) has released its annual summary of the residential and commercial real estate market today, providing a unique insight into what the market has done over the 2006-07 financial year.
Dwelling sales reached $209 billion in the past financial year, which is the highest ever recorded. Commercial property transactions fluctuate widely from year to year, ranging between $13 billion and $30 billion per annum during the last ten years.
Investors and first home buyers made a tentative return to the housing market during 2006-07, although their numbers were still comparatively subdued.
Housing affordability declined by 8.3% over the financial year, with yet another quarter where more than 30% of a Median Family Income was required to repay an average mortgage, and rental affordability has also declined, with vacancy rates tight across the country. As a result, rents have increased by an average of 12% during 2006-07. ABS data show that 24.8% of all renters spend 30% or more of their income on housing.
The REIA welcomed the renewed focus on housing affordability in the lead-up to the 2007 Federal Election.
‘The REIA looks forward to the introduction of the Rudd Government initiatives including the first home saver scheme, housing rental scheme, and housing affordability fund,’ says Noel Dyett, REIA President.
‘The Federal Government should also consider including home ownership as the fourth pillar in the Government policy on superannuation and self-funded retirement, together with mandatory superannuation savings, voluntary savings, and aged pensions,’ Noel Dyett added.
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