Skyrocketing house prices and mortgage rate increases have dragged housing affordability to its lowest level in three decades, according to new data from real estate analysts PropTrack.
But it's not all bad news, particularly for people house hunting in Western Australia and Queensland.
"In Queensland we're seeing a big increase in prices since the pandemic, but [prices] were starting from such a low base that it remains relatively affordable." "[As for] interest rates — people aren't picking them to fall to maybe late next year. I think the next 12 months are going to continue to be challenging from a housing affordability stand point, unless something changes with prices."Adrienne Picone would like to see a cap on rental increases kept at CPI.
"This has a particular impact on young people trying to get into the housing market or affording a private rental. But it also, of course, has an impact of disproportionate impact on people living on low incomes, particularly things like Job Seeker."
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