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With headlines claiming Australian housing affordability to be at its lowest in 23 years, Mortgage Business caught up with Rod Cornish, head of property research at Macquarie Bank, to find out how the property market is holding up.
It’s a bad time to be getting into the property market, if you believe the statistics. Recent figures released by the Commonwealth Bank and the Housing Industry Association reveal housing affordability to be at its lowest since 1984, with borrowers at least 10 per cent worse off than they were 12 months ago.
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