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What is the Housing Affordability Problem?

An expert article by: Australian Futures Project

Why are Australian houses so unaffordable? Prices are a result of the interaction of many different and complex factors – low interest rates, tax structures, an unprecedented period of continuous economic growth and high levels of migration. These are all difficult issues to solve, especially when most of the factors just mentioned do not fall within the traditional notion of ‘housing policy’.

Housing affordability is affecting most Australians

3 in 4 Australians (75 per cent) say housing affordability has affected them in some way, including 25 per cent who say that they cannot afford to buy a property. In fact, housing affordability is not only a concern for home buyers yet to purchase a house, but also for those that already own property – 48 per cent of mortgage holders say that they have had to cut back on other expenses in order to afford their mortgage and half say mortgage repayments are putting pressure on their household budgets.

 

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