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Fuller House, Sydney (NSW) (AFP) – The cost of living in Australia is on the rise, according to a new report.
The average cost of a Sydney property is now $1.4 million, compared with $1,200,000 in 2010.
It is also the highest in the world.
The median income is now around $80,000, up 5 per cent since the previous survey in 2013.
The latest figures also show the average house price in Australia has risen to $1 million, up 7 per cent from last year.
But that does not necessarily mean the average home is worth more.
“What this really highlights is that housing is not cheap,” said David Hutton, senior policy analyst at the Australian National University.
“The value of the property is not what it used to be.”
The number of homes in Australia that have been sold in the last five years is up by 50 per cent, to almost 1.3 million.
This is driven by a shortage of rental properties, which has led to prices in the market increasing.
According to the Bureau of Statistics, the number of people buying a home in Australia in 2017 was up by 10 per cent compared to 2016, as buyers and sellers seek more affordable places to live.
There are also growing concerns about housing affordability.
“In particular, we’re seeing an increase in the number people renting, and we’re also seeing a rise in people on social housing waiting lists, with more people in those areas looking for housing,” said Hutton.
In the latest edition of the Real Estate Institute of Australia’s housing affordability survey, released this week, the median income was $80,-000 for a family of four, down 3.7 per cent in just five years. “
And it’s certainly contributing to a rise over the past few years in prices.”
In the latest edition of the Real Estate Institute of Australia’s housing affordability survey, released this week, the median income was $80,-000 for a family of four, down 3.7 per cent in just five years.
“We need to focus on getting more affordable housing for people to live in, and that’s the top priority,” said Peter Kermode, president of the Institute.
He said more people needed to be given the chance to buy their own home.
The housing affordability index, which is compiled by the Institute’s research group, is used by the federal government to gauge changes in the country’s housing market over time.
While the number one priority is improving affordability, there is also a need to address social and economic inequality.