Housing affordability nears record low

A new survey shows housing affordability is nearing a record low due to higher interest rates and rising home values in the June quarter.

The latest HIA-CBA Housing Affordability Report shows affordability deteriorated in most capital cities and regional areas in the three months to June.

The Index fell 9.1 per cent in the June quarter to be 32 per cent lower compared to the same period last year.

Falls of more than nine per cent were recorded in Sydney and regional Victoria while home affordability in regional Tasmania fell 8.8 per cent and 8.7 per cent in Adelaide.