Original article by Nila Sweeney
The Australian Financial Review – Page: Online : 24-Nov-22

The latest ANZ/CoreLogic Housing Affordability report shows that rising interest rates saw the cost of servicing a mortgage surge in the September quarter. The proportion of income needed to repay a new mortgage rose by 4.4 percentage points nationwide, to 43.3 per cent. This metric rose to a record high of 51.1 per cent in Sydney, while it increased by 4.3 per cent to 42.4 per cent in Melbourne. Eliza Owen of CoreLogic says mortgage serviceability is likely to worsen given that further increases in the cash rate are expected.

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