Housing affordability is now at its worst level in at least three decades, according to the PropTrack Housing Affordability Index – a new comprehensive measure of the share of homes that households can afford to purchase across the whole income distribution.
Affordability is toughest in New South Wales, Tasmania and Victoria. This deterioration in affordability has been driven by a dramatic rise in
mortgage rates, combined with rising home prices over recent years.
At the same time, sharply higher price growth throughout the pandemic has meant housing accessibility — how long it takes new buyers to save a deposit — remains incredibly challenging.
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