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The Australian Housing System: A Quiet Revolution?
Author(s) -
Wood Gavin A.,
Ong Rachel
Publication year - 2017
Publication title -
australian economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.308
H-Index - 29
eISSN - 1467-8462
pISSN - 0004-9018
DOI - 10.1111/1467-8462.12220
Subject(s) - quiet , position (finance) , business , affordable housing , demographic economics , economic growth , economics , finance , physics , quantum mechanics
The Australian housing system is quietly undergoing a major transformation. Many young and middle‐aged home owners are paying down large mortgages that leave them precariously positioned on the margins of ownership. As house prices have remained stubbornly high relative to incomes, renters are finding it increasingly difficult to achieve home ownership status. For some low income households, precarious housing circumstances will result in worrying levels of homelessness, which is symptomatic of a housing system that is failing the most vulnerable in society. This article describes long‐run trends derived from nationally representative datasets that offer some insights into how the Australian housing system has reached this position.