The ACT housing market is one of the most robust in Australia. Over the four years from 2007-08, more than 17,000 new residential dwelling sites have been released in the ACT, much of which is a result of the Government’s accelerated land supply program. Whilst the Government has been active in increasing the supply of residential properties, demand remains strong. As of April 2012, there were 4,177 approvals for new residential dwelling commencements. The Real Estate Institute of Australia’s Housing Affordability Report has Canberra as the most affordable state or territory in which to buy a home. However, whilst house prices have begun to stabilize after a long period of growth, the ACT remains one of the most expensive housing markets in Australia. For a significant portion of the ACT, this does not affect affordability, but it is a significant barrier to those in the lower income quintiles. One of the main reasons behind the strength of the ACT market is the higher-than-average incomes and lower-than-average long-term unemployment rate. The table below shows ACT income quintiles compared to the national average. It indicates that the ACT has higher income in all quintiles.