{"id":31315,"date":"2021-03-21T15:29:04","date_gmt":"2021-03-21T02:29:04","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=31315"},"modified":"2021-03-21T15:29:04","modified_gmt":"2021-03-21T02:29:04","slug":"grim-forecast-for-sky-high-house-prices","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/grim-forecast-for-sky-high-house-prices\/","title":{"rendered":"Grim forecast for sky-high house prices"},"content":{"rendered":"

PHOTO: The property market remains red hot, with sky-high demand and low interest rates pushing up prices. Source: Supplied<\/em><\/span><\/strong><\/p>\n

Households are spending more of their income to meet mortgage repayments and there are fears of a debt disaster if borrowing becomes easier.<\/p>\n

Housing affordability in Australia has deteriorated due to rising property prices amid sky-high demand from owner-occupiers, specifically first-home buyers.<\/p>\n

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A new report by ratings agency Moody\u2019s shows that, on average, dual-income households needed 24.6 per cent of their monthly income to meet home loan repayments last month, rising from 23 per cent in September and 22.7 per cent mid-2020, when new mortgages were their most affordable in a decade.<\/p>\n

The deterioration in housing affordability was evident in all capital cities over the five months to February, with Perth remaining the most financially achievable and Sydney the least.<\/p>\n

Moody\u2019s warns housing affordability will continue to worsen for the rest of this year despite record low interest rates, given dwelling prices keep surging but incomes remain low.<\/p>\n<\/div>\n

READ MORE VIA NEWS.COM.AU<\/a><\/p>\n

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