Affordability crisis at 40 year ebb but borrowers still piling into market
You have to reach back in the archives before a time when Boris Becker won the Australian Open, Paul Keating lost the prime ministership, and the Macarena was the top selling single of the year, to find a time when property prices were further out of reach than they are today.
Property have not been so unaffordable since before Atlanta hosted the Centenary Olympic Games almost 40 years ago. (Image source: Shutterstock.com)
Not since Australia’s peak property body began monitoring the market in 1996 has housing affordability in Australia been in a more dire state.
The nation is confronting a rental, housing and cost of living crisis that threatens to engulf some and seriously stress many others.
Analysis from the Real Estate Institute (REIA) of Australia’s latest Housing Affordability Report shows the average loan repayment now amounts to a wallet-draining 48.1 pe…
