Housing affordability in Australia has reached an all-time low, as the vast majority of median-income households are now excluded from the housing market.
A new report reveals that housing affordability in Australia has further deteriorated under the impact of high mortgage rates and rising home prices, reaching its worst level on record. The PropTrack Housing Affordability Report, released on Saturday, shows that in 2023-2024, a median-income household earning $112,000 could afford only 14 per cent of homes sold—marking the lowest share since records began in 1995. This figure has plummeted from 43 per cent just three years ago.
Renters could afford only 11 per cent of homes sold last year, whilst households with a mortgage could afford 34 per cent of homes sold over the same period. Mortgage costs are at levels comparable to 2008, just slightly below the historical peaks reached in 1989-1990. This means an average-income household needs to spend one-third of their income on mortgage repayments to afford a median-priced home.
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