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This has been the reality in Australian for the last 2 decades ever since Demographia first started publishing their annual report. The Australian average righ
by dwd 1y ago
This has been the reality in Australian for the last 2 decades ever since Demographia first started publishing their annual report.
The Australian average right now is 9.7. Maybe 30 years ago, it was closer to 3 (the 150k house on a 50k wage).
Demographia unfortunately stopped covering my locality which consistently ranked in bottom 10 internationally. Given the local median house price is 1.3m and median household income is 90k it would be 14.4. Makes a mortgage literally a "death pledge" with no chance of paying it off in your working lifetime.
- NoPicklez 1y agoCouldn't agree more, its been horrible here.
- cal_dent 1y agoWhile I agree housing situation keeps getting worse year by year, I do wonder if we need to consider that historical comparison like these have become increasingly meaningless? It's certainly not a good thing but part of the second order effects of the broad economic change is that household income alone has long stopped being a useful driver/source of house prices - interest rates, second order effect of boomer wealth through bank of mum & dad, more 2 person full time working households, global migratory movement have all changed the dynamic so much that it feels very apple and pears now. There's also a point around averages being meaningless from a relativity perspective too. Australia is expensive but as someone who moved from London to non-sydney australia, I do sometimes find it amusing that what is deemed expensive here would get you a shoebox in London v 500+ m2 land house here.
- tanseydavid 1y ago>> need to consider that historical comparison like these have become increasingly meaningless? How so?