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 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.
The newly released annual Demographia report on housing affordability has found - once again - that Australia has some of the least affordable housing markets in the world. Sydney was ranked as the second-least-affordable housing market behind Hong Kong.
Housing affordability is clearly improving in Sydney although the outlook for first home buyers remains bleak. Sydney's property owners have enjoyed another positive year overall for prices growth although results have been typically mixed between regions, price ranges and dwelling types.
Dr Matthew Thomas, Social Policy and Alicia Hall, Statistics and Mapping Key Issue The high cost of housing in Australia has been at the forefront of a range of recent policy debates concerning Australia's taxation arrangements. This brief examineshousing affordability in Australia for both owners and renters over recent decades.
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.