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Booming house prices across the nation are intensifying income inequality, with younger and poorer Australians likely to experience a drop in living standards by the time of retirement.
During Wednesday’s Parliamentary hearing into housing affordability, CoreLogic admitted soaring prices doubling the time to save for a deposit, were widening the wealth gap and pushing more people out of the market.
CoreLogic expert Erin Owen said the time to save for a deposit had been pushed out to 12.1 years on average, making it near impossible for low-income cohorts in both regional and metro markets.
This puts pressure on what are already high cost, insecure tenured, poor standard and inadequately maintained private and limited rental options. Poor maintenance and upgrades of rental properties mean many people are forced to live in high-cost low standard rentals.