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Housing prices have increased significantly compared to incomes over the last two decades, according to the AMP/NATSEM Income and Wealth Report released today.
The report found that while house prices increased by 400 per cent between 1986 and 2007 incomes increased by just 120 per cent.
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Households now require 7.5 times their annual disposable income to buy a typical house, the report also said.
“Buying a home has always been a great Australian dream but it is fast becoming out of reach for many,” said AMP managing director of financial services Craig Meller
Other significant report findings included:
• Outright home ownership has dropped from 42.9 per cent to 34.3 per cent in the last decade.
• Twice as many people (9.5 per cent) aged over 60 are still paying off a mortgage compared to 1996.
• 62 per cent of first home buyers are in housing stress.
• Only one in 20 Generation Ys owns a home.
Published: 18-03-08
