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The Shift in Australia's Housing Market

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Economy ニュース

Australia,Housing Market,Average Incomes

The cost of housing in Australia has drastically changed since 2000, impacting the way Australians live. A personal anecdote from the 1950s highlights the significant difference in housing prices and average incomes.

The shift that began around 2000 in the relationship between the cost of housing and both average incomes and the rest of the economy has altered everything about the way Australia operates and Australians live. My parents were married in 1951 and, with a war service loan, bought a block of land in South Oakleigh, eight miles from Melbourne’s CBD.

I don’t know what my dad was making then, but he was a carpenter and apparently the average wage of a carpenter in 1951 was about 80 shillings a week, or £350 a year. And judging by average prices back then, they would have paid about £1,000 for the land. (By the way, the median house price had more than doubled in 1950, recovering the big fall caused by price controls during the second world war, on which more late

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Undersupply in Australia’s housing market expected to get worseREA Group economist Anne Flaherty says Australia’s housing market can expect undersupply to continue to get worse in the next couple of months. “Nationally dwelling approvals were 20 per cent lower this September compared to the same September last year,” Ms Flaherty told Sky News Australia.
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