As the gaps in growth between wages and property prices widen, the dream of owning a home has increasingly slipped away for Australians on the average wage.
House prices continue to climb at rates that are unaffordable for many Australians on the average wage. Prime Minister Anthony Albanese's four-bedroom Copacabana home purchase is no exception, with its value rising from $1.7 million in 2017 to a $4.65 million recorded sale price in 2021. However, by his admission, Albanese is in a far "more privileged financial position" than most Australians as a recipient of a public salary for close to three decades.
Cameron Murray, chief economist at the Fresh Economic Thinking website, highlighted that the wage price index does not capture all forms of household incomes, with sources such as investments or welfare payments not included. However, for 11.8 million Australians aged 15 years or over in August 2023, wages were the primary source of income and continue to be an essential factor in a person's ability to buy their first home.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Saved my life’: Eastside Rams basketball club helping at-risk young South Australians reach their potential7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Hundreds of Australians to depart Beirut as officials reprimand top Iranian in CanberraAustralian officials met with Iran’s top diplomat in Canberra, Ahmad Sadeghi, on Friday.
Read more »
In pictures: Australians treated to spectacular aurora australis display7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
‘Everything might not be OK’: Terrifying reality of war for Australians in LebanonAs Israeli attacks on Lebanon continue, Australians in the country live in constant fear of what might come next.
Read more »
Australians over 50 being warned to take care of their bonesAustralians over 50 years old are being warned to take care of their bones, after a new report has found over two in three Australians from that age bracket live with poor bone health.
Read more »
Regional Australians paying the price of Woolworths, Coles supermarket duopolyA consumer group has advised Australians to 'shop around' for cheaper groceries, but for people in regional areas, choice is a luxury they don't have.
Read more »