Australia’s Housing Crisis: $300,000 Income Required to Afford House Prices

Published on November 22, 2023

A new study has revealed the harsh reality of housing affordability in Australia, as an average household needs to earn over $300,000 (US$197,000) a year for house prices to be considered “affordable.” Suburbtrends, a real estate data firm, released a new report analysing 22,000 property sales across Australia in October 2023. The report (pdf) used the global standard Median Multiple, calculated by dividing the median house price by the median annual household income, to measure housing affordability in major states and territories. Overall, it found that Australia currently had a Median Multiple of 9.1. Put differently, the Australian median house price is 9.1 times the median household income....

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