So much for the downturn! Australia’s housing affordability is at crisis levels as the number of expensive suburbs TRIPLES
The number of suburbs with ridiculously unaffordable house prices has tripled despite Australia being in the grip of a record property market downturn.
During the last real estate boom in June 2014, just 3.2 per cent of Sydney suburbs had a median price of more than $2million, CoreLogic data showed.
That number has more than tripled in just five years, with 10.6 per cent of houses in Australia’s biggest city being in this situation.
Between 2012 and 2017, Sydney’s median house price surged by 68 per cent.
It has fallen by a record 17.4 per cent since peaking two years ago but that apparently hasn’t made homes more affordable in upmarket suburbs stretching from the eastern suburbs to the north shore and northern beaches.
Between 2012 and 2017, Sydney’s median house price surged by 68 per cent. It has fallen by a record 17.4 per cent since peaking two years ago but that apparently hasn’t made homes more affordable in upmarket suburbs stretching from the eastern suburbs to the north shore and northern beaches (pictured is a CoreLogic map showing rich suburbs in darker hues)
From Daily Mail Australia
