Saturday, November 29, 2003

Locked out: "There is also an alarming generational gap emerging. According to research done by the Australian Housing and Urban Research Institute, home ownership in the 25-44 age group plunged 10 percentage points between 1986 and 1996... In the September quarter, housing affordability declined to a record low in the September quarter, due to rising house prices, and is now 22.5 per cent lower than it was a year ago... But the Reserve Bank, the NSW Government and most other submissions generally acknowledge the real pressure is coming from much higher demand for houses mainly by investors, who now account for over 40 per cent of all lending for housing. In NSW lending to investors is now outstripping lending for home buyers."

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