Illustration: Henri Campeã
Explainer
How Australia’s Housing Market Became So Out of Reach
Ballooning property prices and rents are causing serious housing affordability problems in Australia. So how bad is it? And how did it get to this point?
Australian homes are among the most expensive in the developed world. Buyers, desperate to get onto the property ladder, are taking on more debt than ever before, and uninhabitable properties, some covered in mold and asbestos, are being snapped up for millions.
Australia’s housing crisis has been years in the making. Nationwide home prices are higher than ever, rents are at record levels, and homelessness is rising, making housing a hot-button issue for many Australians, particularly in the lead up to the country’s federal election in May.