How to get Aussie house prices back
Michael is joined by Dr Cameron Murray, Research fellow at the Henry Halloran Trust at Sydney University, who has co-authored an article regarding how Australia has lost control of house prices and how to get it back.
‘Real home prices across Australia have climbed 150% 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% to 65% 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 debt to income ratios is weighing on consumption and increasing financial fragility.’
Download this podcast here