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‘Critical issue’: Record low housing affordability – and the Australians all but locked out
Publisher/s
SBS News
Author/s
Olivia Yuan
Abstract
Housing affordability in Australia has reached an all-time low, as the vast majority of median-income households are now excluded from the housing market.
A new report reveals that housing affordability in Australia has further deteriorated under the impact of high mortgage rates and rising home prices, reaching its worst level on record.
The PropTrack Housing Affordability Report, released on Saturday, shows that in 2023-2024, a median-income household earning $112,000 could afford only 14 per cent of homes sold—marking the lowest share since records began in 1995.