Australian Housing Affordability

Australian housing prices rose 10% in 2013, with Sydney at the forefront of the nationwide boom, leading to talk of a property bubble once more. For others though, bubble or not, the bigger issue is the affordability or otherwise of what is clearly an essential item, with alarming figures of late confirming that the market is being propped up by investment dollars, at the expense of younger Australians and first home buyers who are finding it harder to get on the property ladder. In this article, ABC Bullion Chief Economist looks at average mortgage rates over the past 30 years, and current affordability for everyday Australians.