Housing affordability even more out of reach, report finds.

Priced out: Market boom continues post-pandemic.

A report released by the University of New South Wales and Australian Council of Social Services shows housing affordability in Australia is among the worst in the world, with prices over 15 times the gross median household income.

Prices have soared nearly 25% in twelve months, pushing middle- and low-income families out of the market.

Growing populations in regional towns as people leave the cities has been a factor in this market increase, with experts coining the term “race for space”. With workers continuing to work from home, the demand for houses over city dwellings has skyrocketed.