Australia Housing Affordability Improves In June Quarter

Housing affordability in Australia continued its cyclical rise in the June quarter, a report from the Housing Industry Association (HIA) showed Wednesday.

The HIA-Commonwealth Bank housing affordability index increased 4.4 percent in the June quarter to a level of 72.8.

"A synchronised increase across the capital cities and non-metro areas drove the further improvement in the June 2013 quarter," HIA Chief Economist Harley Dale said.

"Current improvements in housing affordability do not represent structural shifts in Australia's affordability; rather, they represent the dominant impact of cyclical changes in lending rates which will of course be prone to reversal at some point," Dale said.

The index increased in all seven capital cities reported with Brisbane recording the strongest quarterly improvement.

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