Tuesday, 18 March 2008

Housing crisis is real: industry

The Housing Industry Association (HIA) says new research highlights the seriousness of Australia's housing crisis.

A report from AMP and the National Centre for Social and Economic Modelling shows property prices have jumped 400 per cent since 1986, while income has only increased by 120 per cent.

The research found it is more expensive to live in Sydney than New York.

Chris Lamont, from the HIA, says the study proves the housing affordability crisis is real.

"A lot of people have asserted that housing affordability is a myth, that it is simply Generation X and Y racking up the credit card and building mcmansions," he said.

"The reality is Generation X and Y are buying the cheapest existing stock they can get their hands on. They are finding the debt pressure too much."

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