The problems with Australia’s housing market are ‘only getting worse’

Broadcaster Michael McLaren says problems with Australia’s housing market are getting worse as housing in Sydney and Melbourne is unaffordable for more of the working population and the government has dropped the ball on public housing.

Mr McLaren said a recent report by Dr Cameron Murray and Josh-Ryan Collins pointed out real home prices across Australia had climbed 150 per cent since the year 2000.

Wages, during the same period, had gone up by less than a third, he said.

Mr McLaren said the increase in household debt to income ratios was increasing financial fragility among those who could afford homes.

As for those who could not afford a house, the waiting list for public housing was full of over 140,000 applicants, with some facing a decade-long wait for accommodation, he said

“I'm strongly of the view that the money slated for HomeBuilder would have been better spent developing public housing rather than giving existing home owners a reduction on their kitchen-diner extension,” he said.

Image: Getty

Видео The problems with Australia’s housing market are ‘only getting worse’ канала Sky News Australia