Housing Affordability Challenge Requires a Multi-Faceted Approach

If anecdotal evidence isn’t enough, the statistics speak for themselves. Data from the CoreLogic Housing Affordability Report (December 2016) indicates national dwelling prices have increased 19% over the past 5 years, while in comparison incomes have risen only 9.2%. 

On average, prospective homebuyers need to save almost 139% of annual household income for a 20% deposit (up from 86% of annual income in 2001), and servicing a home loan now requires an average 36.8% of total household…