Housing affordability has long been a source of contention in Australia, as many young adults and average wage-earners have been effectively locked out of the property market.
Thankfully, both NSW Premier Gladys Berejiklian and Prime Minister Malcolm Turnbull have placed housing affordability firmly on their agendas.
According to the Domain Group’s latest house price report, Australia’s national median house price soared 7.7% to $781,000 in the year to December. During the same period, apartment prices soared 3.4% to $546,000.
Regionally, house price fluctuations have been more varied. Darwin’s house prices fell 10.5% in the year to December, and Perth’s house prices were down 2.3%, according to the Domain Group. However, it is clear from the latest data that there are pockets in the country where it is now well beyond the reach of average wage earners to buy their own homes.
Berejiklian told ABC News on Monday night that her government was considering abolishing stamp duty. She also emphasised that housing supply had begun to increase under the current NSW government.
“I want to make sure the average person doesn't feel owning their own home is out of their reach,” she said.
Turnbull has also turned his attention to housing affordability, with Treasurer Scott Morrison currently in London to study how the UK government has enabled more people to buy their own homes.
Last week, Turnbull appointed Victorian MP Michael Sukkar as Assistant Minister to the Treasurer with the main responsibility of addressing housing affordability.
Collections: Mortgage News