⚡️ Highlights:

1. Housing affordability has worsened in 2023, with rent values increasing by 6.8% nationally and the cost of debt rising due to a 125-basis point increase in the cash rate.

2. The combination of rising rental costs, reduced borrowing capacity, and increasing deposit requirements has made it harder for renting households to transition to home ownership, leading to less equitable access to homes.

3. Despite the challenges, home values have increased by 7.2% nationally since January, even with the higher cost of debt. This can be attributed to factors such as high net overseas migration, low stock levels, tight rental markets, and expectations of a peak in the cash rate.

4. The time required to save a 20% deposit for a property purchase has climbed back to over 10 years nationally, reaching 10.0 years in September. This poses a significant hurdle for prospective homebuyers.

5. The median home value nationally in September required a 20% deposit of just above $148,000, excluding other upfront transaction costs like stamp duty.

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