Data from the Australian Bureau of Statistics (ABS), published in The Australian, shows that the average mortgage is now $598,867. This is nearly $245,000 higher than in 2013:
Separate data from Canstar shows that the average mortgage repayment has risen from just $2,570 a month to $4,151 since the Reserve Bank started increasing the cash rate in May 2022.
The next chart tells the tale. Australia’s population is swelling at a record pace while actual housing construction is collapsing:
The situation will obviously worsen if Australia’s population continues to grow like a science experiment via mass immigration, pushing up rents, inflation, house prices and interest rates.It represents the death of the Australian Dream and a social and inequality disaster for the nation.
So what are the viable and feasible solutions right here right now from the government? Encouraging more builds while also raising the bars for build quality and also reduce migration to a normal level say 100k a year? Thoughts?
