Australia's housing continues to improve in 3rd quarter

Australia's housing affordability continued to improve in the September quarter, according to a survey released on Tuesday by the Australian Housing Industry Association (HIA). The Housing Industry Association/Commonwealth Bank housing affordability index showed a rise of 5.3 percent in the September quarter, for a reading of 65.8, up 15 percent compared to the same quarter in 2011. "This is the seventh consecutive quarter where we have seen an improvement in the headline affordability index," HIA chief economist Harley Dale said in a statement. "Housing affordability has been improving on the back of steadily growing incomes, falling interest rates, and easing dwelling prices." However, Dale noted transactions volumes were still at a historic low as economic uncertainty weighed heavily on households ' willingness to enter the housing market.