The Commonwealth Bank and Australian Housing Association (HIA) Index declared housing affordability to be at its lowest in 23 years. The daily papers all shared the pain being felt by home owners across the country, with the HIA estimating that average weekly mortgage repayments now account for around 30.8 per cent of first home buyers’ incomes.
HIA managing director Ron Silberberg claimed the crisis was “not part of some cyclical trend that will correct itself”, stressing the need for government action.
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