Business
When homes earn more than jobs: How we lost control of Australian house prices and how to get it back – ABC News
As rates of home ownership fall, renters struggle to make ends meet and central banks run out of leverage to stimulate the economy, reforms that previously appeared politically impossible might gain traction.
Real home prices across Australia have climbed 150 per cent since 2000, while real wages have climbed by less than a third.
Sydney and Melbourne rank among the most expensive cities in the world. Australia-wide, home ownership levels have fallen from 70 per cent to 65 per cent in the past 20 years and home equity levels have fallen from 80 per cent to 75 per cent. Younger workers have been completely priced out of the major cities.
Among those who can afford homes, the increase in household de…
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