Why does housing affordability need an index?

To sell more houses. When houses aren't cheap, you need to change the focus to a self-defined concept of 'affordability' to keep them moving. That's the question answered. Now, let's take a quick look at this thing we call the Housing Industry Association/Commonwealth Bank housing affordability index. HIA has just released the September quarterly results, showing that housing affordability has increased again for the seventh straight quarter. 'Seven straight improvements in housing affordability?' you say to yourself, 'I'll go back and take a look at that house I've had my eye on. They must have dropped the price by now'. But...

To sell more houses. When houses aren't cheap, you need to change the focus to a self-defined concept of 'affordability' to keep them moving.

That's the question answered. Now, let's take a quick look at this thing we call the Housing Industry Association/Commonwealth Bank housing affordability index.

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