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Housing in the state of Victoria, Australia is characterised by high rates of private housing ownership, minimal and lack of public housing and high demand for, and largely unaffordable, rental housing. Outside of Melbourne, home to 70% of the state's population, housing and rent is more affordable. In Melbourne, access to public housing is ...
Melbourne House prices to income ratio, 1965 to 2013. In the late 2000s, housing prices in Australia, relative to average incomes, were among the highest in the world. As at 2011, house prices were on average six times average household income, compared to four times in 1990. [15]
All capital cities have seen strong increases in property prices since about 1998. Sydney and Melbourne have seen the largest price increases, with house prices rising 105% and 93.5% respectively since 2009.
Australia's central bank has raised rates 13 times since 2022 but house prices have mostly shrugged off the higher borrowing costs. Home prices rose for the 19th straight month in September, an ...
The average weekly price for a rental in Australia is $570 per week. Units are typically cheaper, at a national median of $540 vis-a-vis houses at $582. [3] Rental prices grew nationally by 10.1% between 2022 and 2023; substantially higher than the annualised CPI rate of 7% for the period.
In Melbourne, for instance, one early observer noted that "a poor house stands side by side with a good house." [2] There are significant regional differences in rates of homeownership around Australia, reflecting average age differences (e.g., older age people tend to own houses more than younger people), as well as socio-economic differences. [7]
According to the 2006 census, Australia's public housing stock consisted of some 304,000 dwellings out of a total housing stock of more than 7.1 million dwellings, or 4.2% of all housing stock [3] (compared with 20% in Denmark, 46% "low rent housing" in France and 50% public housing in the UK at peak).
The EIU also publishes a Worldwide Cost of Living Survey that compares the cost of living in a range of global cities. [6] ... Australia: Melbourne: 24: 87.5: 95: 100: