/ / / ‘No end in sight’ for Sydney and Melbourne’s housing affordability crisis

‘No end in sight’ for Sydney and Melbourne’s housing affordability crisis

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IT’S the news none of us want to hear. According to an explosive and slightly depressing new report, there’s “no end in sight” for Australia’s trillion-dollar mortgage meltdown.

Documenting the seriousness of the affordability crunch, the report out today warns Australia’s mortgage debt level has reached “dangerous territory” hitting $1.45 trillion and growing by $100 billion a year.

Sydney and Melbourne property seekers are the nation’s worst off, with record high housing prices in the capital cities causing a “social catastrophe”.

The report, published by the Australian Population Research Institute, pins the blame on federal government policies on negative gearing, capital gains tax and migration, as well as shortsighted planning by state governments.

The report’s authors accuse Prime Minister Malcolm Turnbull of “monumental insensitivity” towards the next generation of home seekers in Sydney and Melbourne, suffering from record high housing prices.


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