Since the stimulus measures introduced in 2020 to prop up the housing market during the pandemic, house prices have exploded. In 2021 property prices across Australia’s capital cities rose an astonishing 24%. Combined with the stagnant wages growth of the past 8 years, housing affordability has fallen dramatically.
A decade ago the medium-priced house in Sydney was equivalent to 5.8 times the annual income of a median household; now it is 10.8 times that income.
Greg Jericho examines the issue in his column in Guardian Australia and drills down to look at the affordability of housing across the nation and finds a shocking, yet unsurprising tale – and one that deserves a much greater focus in the coming election campaign than is currently the case
https://www.datawrapper.de/_/GmaeJ/
Between the Lines Newsletter
The biggest stories and the best analysis from the team at the Australia Institute, delivered to your inbox every fortnight.
You might also like
The Wage Price Index shows pay packets are up. So why doesn’t it feel that way?
The latest figures from the Australian Bureau of Statistics show wages are growing at a reasonable rate, but a deeper look shows a big problem might be about to bite Australian workers.
Working hard will not buy a roof over your head. If you can’t inherit one, you’re screwed
Australia has been in the grip of housing crisis for years.
Is this growth…good?!
Rooftop solar and data centres are drivers of Australia’s economic growth, but do they really bring the same value to Australian society?