Sluggish incomes with little growth are taking their toll on Queensland’s housing affordability, according to a new report.
Despite Queensland’s cheap property prices relative to southern capitals like Sydney and Melbourne, affordability had become an issue because wages were not rising, PRD researcher Dr Asti Mardiasmo said.
“The prices themselves…places that are getting gold like the ACT for example, their prices have grown, not as much as Queensland,” Dr Mardiasmo said.
“A house in the ACT and a house in Queensland roughly cost similar but the Queensland median weekly income is $1600 while in the ACT is $2600. It’s a massive difference.”
PRD Nationwide released rankings for a range of indicators to show the health of each market and found Queensland continues to lag behind other states in key property market indicators.
The rankings were gold, silver and bronze and of 11 categories Queensland only came away with four awards, all of them bronze.
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