Australia faces prolonged housing affordability crisis: study
Australia faces a prolonged housing affordability crisis, even in the typically cheaper outer suburbs are becoming out of reach to first-time homebuyers, latest study showed on Monday.
According to study co-author and Monash University population expert Dr Bob Birrell, house and land deals in areas of outer suburbs of Melbourne, Sydney and south-east Queensland are becoming more expensive.
The Monash University study has revealed that 90 percent of housing estate blocks were sold for less than 202,150 U.S. dollars in late 2008.
But this had fallen to less than 30 percent by the end of last year, and land stocks were reduced to less than two months' supply.
Also, at the end of last year only three out of every 10 lots for sale in new housing estates were accessible to average-income first-home buyers.
Dr Birrell said the price lift came in the wake of record immigration and the failure of inner suburbs to provide affordable housing.
"What we have seen in the last few years, as the prices of established houses have gone up, is that even more people - especially younger people seeking to buy a first home - have been moving to outer suburbia," Dr Birrell wrote in the report released on Monday.
"But they are finding that buying a traditional house and land is also decreasingly affordable as well.
"The one exception is Perth, which is doing relatively well, at least compared to Melbourne, Sydney and south-east Queensland."
He added that Sydney remains "in a class of its own" for being the least affordable part of Australia.
The report, released on Monday in the Monash journal People and Place, will add pressure on the state governments to release more land and extend the urban growth boundary.
Source: Xinhua
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According to study co-author and Monash University population expert Dr Bob Birrell, house and land deals in areas of outer suburbs of Melbourne, Sydney and south-east Queensland are becoming more expensive.
The Monash University study has revealed that 90 percent of housing estate blocks were sold for less than 202,150 U.S. dollars in late 2008.
But this had fallen to less than 30 percent by the end of last year, and land stocks were reduced to less than two months' supply.
Also, at the end of last year only three out of every 10 lots for sale in new housing estates were accessible to average-income first-home buyers.
Dr Birrell said the price lift came in the wake of record immigration and the failure of inner suburbs to provide affordable housing.
"What we have seen in the last few years, as the prices of established houses have gone up, is that even more people - especially younger people seeking to buy a first home - have been moving to outer suburbia," Dr Birrell wrote in the report released on Monday.
"But they are finding that buying a traditional house and land is also decreasingly affordable as well.
"The one exception is Perth, which is doing relatively well, at least compared to Melbourne, Sydney and south-east Queensland."
He added that Sydney remains "in a class of its own" for being the least affordable part of Australia.
The report, released on Monday in the Monash journal People and Place, will add pressure on the state governments to release more land and extend the urban growth boundary.
Source: Xinhua
Weekly review !
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