A new report from PropTrack reveals that housing affordability has reached its worst level since records began in 1995, with median-income households struggling to afford a home. The report highlights the difficulties faced by first-time buyers, who are increasingly reliant on wealthy families or high-income jobs to enter the market.
Housing affordability is worst in New South Wales , where a median-income household can afford just 10% of homes sold, a report has found.Housing affordability is worst in New South Wales , where a median-income household can afford just 10% of homes sold, a report has found.
“The unspoken message here is that wealth matters an enormous deal in the Australian housing market at the moment, in a way that it didn’t just one generation ago.” Angus, 30, is looking for a house with his partner – he is a doctor, she is a social worker. She has been saving for about five years, and he has been saving “properly” for the past 10 months.Each week our editors select five of the most interesting, entertaining and thoughtful reads published by Guardian Australia and our international colleagues. Sign up to receive it in your inbox every Saturday morninga month, which has made it difficult to save even on his strong wage.
Economist Saul Eslake said Australia was now feeling the effects of “60 years of bad policies” which “needlessly” encouraged Australians to spend more on housing – through tax breaks for investors, shared equity schemes, stamp duty concessions, and lower interest rates while constraining the supply – making it harder to build homes.
Housing Affordability First Home Buyers Mortgage Rates Home Prices New South Wales
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