Mortgage Payments Edging Towards 50 Percent of Household Income, Senate Committee Told

A new housing report shows households spend over 40 percent of income on mortgages, with national rental vacancies hitting a record low of 1.6 percent.

A sold sign on a real estate board advertising residential property in Sydney, Australia, on Aug. 1, 2017. William West/AFP via Getty Images

A latest housing affordability report reveals that households are now spending over 40 percent of their income on mortgage payments, while national rental vacancy rates have dropped to an all-time low of 1.6 percent.

Maria Edward, CEO of the Real Estate Institute of the ACT (REIACT), shared these findings before a Senate committee on the National Housing and Homelessness Plan Bill.