Chronic collapse of property affordability hits locals hard, deters foreign buyers
It now takes a combined family or individual’s income of $172,000, which only a quarter of Australian households earn, just to access the bottom 50 per cent of the housing market.
The average Australian home is becoming increasingly beyond the reach of the average income earner. (Image source: Shutterstock.com)
The cost of housing is slipping further out of reach for the average Australian, with affordability worsening to such a degree that even relatively wealthy foreign buyers are baulking at the high prices.
In a damning indictment on the ability for the average Aussie to afford a home today, modelling shows only 10 per cent of the housing market would be genuinely affordable without the median income earner plunging into mortgage stress (whereby mo…
