What will come as no surprise to many, the Urban Development Institute of Australia says a report it just released shows housing affordability has worsened dramatically in recent years.
It charts the affordability in 70 centers in Australia. In 2001, 96 percent of those centres were considered affordable, today it is only 39 percent.
Now only half the population can afford to purchase 29 percent of the houses, in 2001 half of the population could have purchased 71% of the homes.
» Industry Report into Affordable Home Ownership in Australia (August 2007) – UDIA, August 2007.
» Housing affordability plummets: report – The ABC, 6th August 2007.