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Housing affordability took another hit as house prices in Melbourne, Brisbane and Adelaide rose sharply in the third quarter of 2007, raising affordability issues for these cities, Westpac says.
In a paper published yesterday, the bank's senior economist Andrew Hanlon says the latest data shows Melbourne, Brisbane and Adelaide had the fastest annual house price growth since 2002-04.
Mr Hanlon says house prices in Melbourne, Brisbane and Adelaide looked to be rising by 18.9, 18.6 and 16.7 per cent respectively this year.
Sydney was hit by an "affordability crunch'' in late 2003 and Perth house prices reached a similar point in late 2006.
The bank says Perth suffered a significantly larger deterioration in affordability than Sydney, when its house prices doubled in three years.
The surge in prices and rising interest rates are leading to another significant deterioration...
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