Melbourne homes too pricey for locals
A new report highlights the difficulties faced by many families hoping to buy a home in Melbourne in todays’ market.
Years of rising house and land prices and unsuccessful planning strategies have resulted in the end of the Australian dream of home ownership across the Melbourne real estate sectors so say researchers from Monash University in their published report entitled ‘The End of Affordable Housing in Melbourne?’
Ten years ago the number of residential properties in Melbourne owned by owner-occupiers was 70 per cent in the last decade that number has fallen to 67 per cent.
Average income levels have not kept pace with rising property prices and owner affordability is an option for very few people earning the average wage. Hard-working locals often have no choice but to rent a home with very little future hope of ever owning their own property.
Even homes on the outskirts of Melbourne have become too expensive for many first home buyers and city officials are being urged to investigate ways of providing affordable homes for future generations.