ANZ CoreLogic Housing Affordability Report 2023

The ANZ CoreLogic Housing Affordability Report is a guide to the main trends and drivers of housing affordability across Australia.

Summary

• Australian home values are once again rising, up 4.9% since February this year.

• Home values are rising even as interest rates continued to rise through the start of the year, creating a dual challenge for the next cohort of home buyers.

• As of June 2023, the national estimate of median income required to service a new mortgage increased to a near-record high (45.5%), while the years to save a deposit increased to 9.9 years (up from 9.8 years in March).

• First home buyers who can get into the market now may experience property value gains as real incomes rise in 2024, and there is modest easing in the cash rate towards the end of the year and through 2025.

• Regional affordability metrics highlight pockets of the market where mortgages are still serviceable, with some being even cheaper than rent. However, with regional homes retaining much of the strong value gains from the pandemic, affordability has still deteriorated in the longer term.

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

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