Australia is second only to Hong Kong for the cost of housing for the average household, according to an international survey of 325 housing markets.
The 8th Annual Demographia International Housing Affordability Survey has found that all major Australian housing markets are ‘severely unaffordable’, with Sydney and Melbourne coming, respectively, third and fourth most unaffordable cities in the world.
“We are almost world beaters for pricing families out of housing markets’ said Joel Pringle, Campaign Manager for Australians for Affordable Housing. “And this is not just a capital city problem. Regional centres like Mildura, Shepparton, Bunbury and Toowoomba are all highlighted in the report as seriously unaffordable.
“There are structural issues with our housing markets, and until governments around Australia take decisive action the housing crisis will continue.”
“In spite of the recent interest rate cuts, housing remains at historically unaffordable levels in Australia.”
“Not one of the 32 housing markets surveyed in Australia were found to be affordable. Not even close. The best housing market we have is regarded as ‘seriously unaffordable’.”
“This report demonstrates the long-term structural problem with our housing markets, and they can’t be wished away. The Government needs to reform the housing taxation regime that has contributed to the housing affordability crisis, and ensure that there are adequate affordable rental properties to assist people in need.”
The 8th Annual Demographia International Housing Affordability Survey by Wendell Cox and Hugh Pavletich uses a ‘median multiple’ measure of housing affordability. This compares average house prices to average household incomes, and is an affective measure to use for housing affordability comparisons. The report can be access at http://www.demographia.com/dhi.pdf .
Australians for Affordable Housing is a coalition of national housing, welfare and community sector organisations to highlight the problem of housing affordability in Australia. For more information visit www.housingstressed.org.au
For enquiries and interviews contact Joel Pringle, 0427 563 989
Follow AAH on Facebook and Twitter: @housingstressed
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