Report

Housing affordability in Victoria

13 Dec 2017
DOI

http://doi.org/10.4225/50/5a36f5d41ba49
Description

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;
- More people are renting;
- Fewer young people are entering home ownership and they are doing it later;
- Housing is becoming more unaffordable; and
- More people are experiencing housing stress and taking on greater debt burdens.

The present housing situation is the result of several interconnected factors, including historically low interest rates and rising household debt, as well as rapid house price growth that has outstripped wage growth. Population growth and current taxation settings have also contributed to current housing affordability conditions.

There are a number of options available that may address the significant problem of housing stress and decreasing housing affordability in Victoria. This paper provides a jurisdictional comparison of some of the key strategies applied by governments in Victoria, New South Wales, Queensland, South Australia and Western Australia to address housing affordability and affordable housing supply.

Publication Details
Identifiers: 
DOI: 
10.4225/50/5a36f5d41ba49
Publication Place: 
Melbourne
Language: 
License Type: 
CC BY-NC-ND
Published year only: 
2017
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