Housing Affordability in Victoria

Abstract

Housing affordability has far-reaching impacts on Australia’s economy and the wellbeing of the population. The dramatic increase in house prices experienced in Australia in recent years has not been accompanied by a similar level of wage growth. Consequently, home purchase and renting, particularly in capital cities, is now significantly more difficult than before. This paper provides insights into housing affordability and housing stress in Australia, and specifically in Victoria, over the last decade. As this paper will outline, the way Victorians live and engage with the housing market is changing. In particular:  Victoria’s population is growing rapidly and is increasingly urbanised; ..