Australian house prices are falling but are still almost double what they were a decade ago

"Housing Affordability Crisis Deepens as House Prices Continue to Soar. A staggering new report reveals that the average dwelling price in Australia has now surpassed 17 years' worth of a typical household's disposable income, marking a devastating blow to those struggling to get on the property ladder. Despite predictions of a 2-3% drop in house prices across major cities by the end of the year, experts warn that this would barely make a dent in the affordability crisis that has plagued the country for over a decade. As the housing market continues to defy gravity, many are left wondering what it will take to make homeownership a reality for ordinary Australians."

The average dwelling price has risen to more than 17 years of a typical household’s disposable incomeWant to get more charts in your inbox every fortnight? Sign up for The Crunch hereHouse prices have dropped across several Australian capital cities, with major banks predicting falls of 2% to 3% by the end of the year.But after a decade of accelerating house prices, this wouldn’t make a significant dent in housing affordability. Continue reading...