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First home buyers might disagree, but new report finds housing is getting more affordable

first_imgNew report finds housing affordability is improving. Picture: AAP/Dave HuntMore from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours agoData for Queensland showed the proportion of income required to meet home loan payments decreased to 26.7 per cent in the March quarter of this year — a 1.3 per cent drop compared to the previous quarter and one per cent less than a year ago.Nationally, the figure also dropped 1.3 per cent to 30.4 per cent.Adelaide Bank general manager Damian Percy welcomed the improvement, but said the country was still in the midst of a housing affordability crisis.“Recent measures by governments to assist first home buyers are similarly welcomed, but the reality is that it will take years for these policy measures to wash through the system and translate into meaningful price action,” he said.“Anything short of a national objective of halting house price inflation in Australia’s major population centres is underestimating the profound impact having some of the world’s most expensive houses in one of the world’s least densely populated nations is doing to the economic and social wellbeing of the nation.”Adelaide Bank general manager Damian Percy says regardless, we are still in the midst of a housing affordability crisis. Picture: Realestate.com.auJust over a quarter (26 per cent) of all first home buyers in Australia were from Queensland yet the number of loans to first home buyers in the state fell by 7.4 per cent.The average loan size to first home buyers was $291,367 — down 3.4 per cent over the quarter.The news isn’t as good for tenants in Queensland, with rental affordability declining slightly during the March quarter.The amount of income required to meet median rents in the state rose by half a per cent. First home buyers might be inclined to disagree, but one industry report has found housing is actually getting more affordable.The Housing Affordability Report, compiled by Adelaide Bank and the Real Estate Institute of Australia, shows an improvement in affordability nationally in the first quarter of this year.The findings are based on the amount of household income required to meet mortgage repayments.last_img read more

Rotary club of Demerara off-road rally a success

first_imgROUTE 2:1) Overland Adventurers2) Sonic Hunters3) Always On Target – president LAST weekend’s Demerara Rotary Club Off-road rally in the Linden, Soesdyke and Marudi areas was deemed a success according to its president, Hansraj Singh.Singh, who spoke to the media at the conclusion of the event said, “We had a lot of participants turn out to the event. We felt that we had more than we were realistically aiming for, but we were able to pull off an issue free event.”“Many of the drivers and riders commended us after, asking us when it is we plan to do the next event and it is something we may consider soon.”The event took place over four routes with individual route champions also being crowned.Pure Racing# 40 took the overall bike class with overall Vehicle winner being Happiest men alive.For the Bikes Route one, It was Keith Fernandes finishing ahead of the two Pure Racing teams 40 and 41 while Route two featured Pure Racing winning ahead of Glen Pasley and S. Gooding.Pure racing #40 took the third stage ahead of Pure Racing #41 with Fernandes finishing third while the final route finished with Pure Racing number 40 ahead of the 41 team and S. Gooding.The overall Vehicle results are as follows ROUTE 1: 1) Putagee Mafia #132) BAL Terrain Warrior #3) Palladium Swamp Machine #20 ROUTE 3:1) Overland Adventurers2) Always On Target3) Happiest Men Alive ROUTE 4:1) Japarts2) Jungle juice3) Serenity: The real Offroaderslast_img read more