Australia is now a world leader in unaffordable housing
And you can bet that this is something that has bothered the hell out of me and my family.
There has been extensive coverage of rocketing prices in Melbourne and Australia, and it appears there is something to complain about. Prices in Melbourne have more than doubled in a decade. And interest rates in Australia are now the sixth-highest in the OECD. They are higher than in Britain, US and most of the EU.Yes, those who have already bought their houses and have high mortgages are feeling the pain from the recent interest rate rises, including last weeks'. But for those of us who feel locked out of being able to buy our own homes, the news of Australia's, especially Melbourne's, increasing infamy for poor housing affordability just adds to our continuing demoralisation. And further pain.
Australians paid 6.6 times the median household income for a median-priced home.
The Age has the story here.