FED: Housing affordability plummets - report

AAP General News (Australia)
08-06-2007
FED: Housing affordability plummets - report

A new audit has found housing affordability across Australia has plummeted in the past six years.

The survey by the Urban Development Institute of Australia charts the change in housing
affordability in 70 population centres around the country between 2001 and 2006.

Based on the average purchasing power of households in each area .. the report shows
only 39 per cent of the audited centres were considered affordable in 2006 .. down from
96 per cent in 2001.

It also shows 27 per cent of the centres are now considered unaffordable.





UDIA president GRANT DENNIS says Australia's housing market is under-supplied by at
least 20-thousand homes .. and that could worsen to 120-thousand.

Mr DENNIS says there's strong evidence for the federal government to provide funding
for local authorities to reduce infrastructure charges now .. and to set up a ministerial
council to ensure national strategies are developed.

He also wants changes to the First Home Owners Scheme .. to reflect the rise in property prices.

AAP RTV kd/ajc/ibw/jmt

KEYWORD: HOUSING (SYDNEY)

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