Australian Housing Affordability Crisis Hits Singles Hard Amid Rising Prices and Wages Gap

Housing affordability has emerged as a critical issue in Australia, particularly impacting single individuals with average incomes who aspire to own a home. In New South Wales, single earners would need to allocate a staggering 82% of their monthly wages to afford the average mortgage, reflecting the severity of the challenge.

Nationally, the situation is similarly daunting, with the average dwelling price consuming 84% of post-tax monthly earnings to service the mortgage. This trend underscores a broader affordability crisis affecting various states and territories, including Victoria, ACT, Queensland, South Australia, Tasmania, and Western Australia.

Rising home prices and interest rates are primarily responsible for this affordability crunch, pushing the proportion of income required for mortgages to record highs. Compared to past decades, the affordability gap has widened significantly, highlighting a stark contrast from more manageable price-to-income ratios seen in the early 1980s.

The current landscape poses significant barriers to homeownership for single individuals, exacerbating socioeconomic inequalities and limiting housing options. As policymakers and stakeholders grapple with these challenges, there is a growing call for innovative solutions to address the housing affordability crisis and ensure equitable access to housing for all Australians.


Read More

Article Title: Just how unaffordable is housing in Australia? For one group, it’s impossible
Retrieved from
Get a Free Consultation

Get a Free Consultation

Drop your details in below and we will be in touch to make a time that suits you best! 

    Leave a Reply

    Your email address will not be published. Required fields are marked *