Wednesday, April 24, 2024

Australian Households On Six-Figure Incomes Can Now Only Afford 13% Of Homes

Australian households on six-figure incomes can now only afford 13% of homes

New report shows housing affordability has reached its lowest levels in decades as market continues to rebound

Rising interest rates and surging home prices have seen Australian housing affordability crash to its lowest levels in decades, according to a new report.

A household earning the median income of $105,000 can now only comfortably afford 13% of homes on the market, the lowest share since the relevant data was first collected in 1995, according to property data company PropTrack.

Three years ago, the median income household could afford almost 40% of homes – which includes houses and units – for sale.