Housing Affordability (Australia)
Housing affordability is Australia continues to grow out of reach of the average Australian, especially in major cities like Sydney and Melbourne.
This topic gives a overview of the current housing affordability situation and discusses possible solutions, government initiatives and other Pro's and Con's to curbing affordability growth.
The new NSW Premier Gladys Berejiklian has made housing affordability a commitment of her government and our Federal Treasurer Scott Morrison has been to London investigating alternative means to providing low cost and social housing, while Opposition Leader Bill Shorten claims only Labor has the solution to housing affordability.
Declining rates of home ownership aren't necessarily a bad thing, according to the Reserve Bank. Addressing a conference of housing researchers in Melbourne, the Bank's head of economics, Luci Ellis, said participation in the housing market "need not be about owning your own home".
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Housing stressed: the campaign to improve housing affordability for all Australians
The 13th Annual Demographia International Housing Affordability Survey has just been released and, once again, it ranks Australia as having one of the most expensive housing markets out of the countries surveyed. This year's report assesses 406 urban markets in nine countries: Australia, Canada, Hong Kong, Ireland, Japan, New Zealand, Singapore, United Kingdom, and the United States as at the third quarter of 2016.
NSW premier Gladys Berejiklian has promised to make improving housing affordability one of her top priorities but says she will concentrate on boosting the supply of new homes rather than tax reform. Ms Berejiklian, who on Monday became NSW's 45th premier and the first female Liberal state premier, said the lack of affordable housing was the biggest issue raised with her across the state and especially in Sydney.