The study compared housing markets in 94 cities across eight countries, and nearly all Australian capitals ranked in the lowest 25 per cent for affordability.The study points to policies that free up land for development as key drivers of more affordable housing.
To compare different markets within a country and across the world, it uses a metric called the "median multiple", a ratio of median incomes to median house prices. "Affordability is disappearing in high-income nations as housing costs now far outpace income growth," the study said. "The net effect is that land values and house prices have become skewed against the middle class, whose existence depends upon the very competitive land market destroyed by the planning orthodoxy.
In Australia, the latest Bureau of Statistics data show 210,800 dwellings are being built every year.that median-income owners would need to spend around 60 per cent of their gross income to purchase a median-priced property.The study highlights the Singaporean government's ability to turn from a "desperate housing situation" in the 1960s to one of the most affordable markets in the report.
"We must still ensure public housing is accessible and affordable for Singaporeans of all income groups. We must also keep our housing schemes fair and inclusive for all.
Source: Financial Digest (financialdigest.net)
Frontier Centre For Public Policy Demographia
Australia Latest News, Australia Headlines
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