The Affordable Housing Crisis Investigated By Four Corners
Affordable housing crisis in Australia is reaching biblical proportions. Many are warning of a bursting bubble..
Four Corners reports on the white hot issues of housing affordability and negative gearing and the generation left wondering if they will ever own their own home.
“We will start it at 1.1 million dollars ladies and gentlemen.”
A house with a million dollar price tag used to be confined to the super wealthy suburbs in Australia’s biggest cities. Today, properties with that sort of asking price are commonplace, even in the urban fringes, with little infrastructure and lengthy commute times.In Melbourne, the median house price is $700 thousand dollars, around 10 times the average wage. In Sydney, there are suburbs more expensive than Manhattan. It’s why the IMF declared Australia one of the most expensive countries in the world to buy property in. Via youtube.com