Houses in Sydney most affordable since 2002

Housing in Sydney is at its affordable best since the global financial crisis in 2002.
The improvement in the relative cost of buying a home has been the result of combination of interest rates decreases, stable property prices and rising wages, according to the quarterly Housing Industry Association-Commonwealth Bank housing affordability index.
The results reveal Sydney's housing affordability index has risen by 13 per cent since the 2011 March quarter.

As a result, the average monthly loan repayment for Sydney has dropped by $422 to $3453 in the period.

The Housing Industry Association's chief economist, Dr Harley Dale, told The Sydney Morning Herald housing in Sydney was now more affordable than at any time since the 2002 June quarter.

'It gives another tick in the box that gives us optimism that we'll finally see a housing recovery in 2013,' Dr Dale said.

'We can have some confidence that moderate price growth will return to the market over the next couple of years, but I don't think we need to fear another price boom lurking around the corner.'

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