Australian houses are less affordable than they have been in decades
In spite of rising borrowing costs, prices have stayed stubbornly resilient
In Australia, as in most places, waterfront property comes at a premium. But to see the full effects of high-cost Australian housing, look beyond trophy homes on Sydney Harbour and beach pads in Bondi. In cities across the country, tents and other makeshift shelters are springing up by the water. They are the dark side of a housing market that has held firm despite rising interest rates. For households of all incomes, the share of homes that are affordable is at its lowest in 30 years.
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This article appeared in the Finance & economics section of the print edition under the headline “The turn of the screw”
Finance & economics January 20th 2024
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- The countries which raised rates first are now cutting them
- Ted Pick takes charge of Morgan Stanley
- Australian houses are less affordable than they have been in decades
- China’s population is shrinking and its economy is losing ground
- Wall Street is praying firms will start going public again
- The Middle East faces economic chaos
- What economists have learnt from the post-pandemic business cycle
From the January 20th 2024 edition
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