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Houses in Australia's capital cities become more affordable

General view of public housing at Rosemeadow in the south west of Sydney Source: AAP

A new report from Moody's Investors Service is showing how housing affordability will continue to improve moderately over the next 12 months, because of low mortgage rates and lower housing prices.

A new report from Moody's Investors Service has found for new home loans in September, Australian households with two income-earners were paying 23 per cent of their monthly income on mortgage repayments. That's down from 25.1 per cent a year earlier.

Meanwhile the Reserve Bank believes the country's first recession in three decades may have ended in the September quarter.

The Deputy Governor of the Reserve Bank of Australia, Guy Debelle, told Senate Estimates the impact from Victoria's strict lockdown hasn't been as bad as expected.

"September quarter for the country probably recorded positive growth. The strength of the growth elsewhere in the country was more than the drag from Victoria, and possibly the drag from Victoria was a little less than what we guessed back in August."

To hear the full report click on the audio link above.

People in Australia must stay at least 1.5 metres away from others. Find out what restrictions are in place for your state or territory.

Testing for coronavirus is now widely available across Australia. If you are experiencing cold or flu symptoms, arrange a test by calling your doctor or contact the Coronavirus Health Information Hotline on 1800 020 080.
The federal government's coronavirus tracing app COVIDSafe is available for download from your phone's app store.

SBS is committed to informing Australia’s diverse communities about the latest COVID-19 developments. News and information is available in 63 languages at http://www.sbs.com.au/coronavirus

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