Melbourne prices catch up with Sydney
Rising house prices has put Melbourne's level of unaffordability on par with Sydney.
A new report from the National Centre for Social and Economic Modelling found 56% of Melbourne's first-home buyers pay more than 30% of their disposable income on housing costs - a dramatic increase compare with 36% a decade ago.
Median house prices in Melbourne have grown 138% in 10 years to $475,000. Meanwhile, disposable incomes for households have increased by only 58%.
"So there's a massive disconnect between house prices and incomes," said report author Ben Phillips.
The report found similar increases in mortgage stress in Brisbane, while Perth and Adelaide remain more affordable.
By BN | 26 Oct 2010
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