Fears Australian property facing affordability crisis as Sydney prices rise by $620 a day
There are fears some cities in Australia are facing a looming housing affordability crisis as property prices explode by almost a quarter in just 12 months.
According to data from property firm CoreLogic, Australian property values rose 20.3 per cent in the year to September 2021, with the pace of house prices far outstripping the growth of apartments.
So dramatic has the price hike been that on average, in the three months to September 2021 property prices in Sydney have risen by $620 a day - or $4340 a week.
CoreLogic's Head of Research Australia Eliza Owen says soaring prices could be pushing first time buyers out of the market.
"Rapid growth in Australian housing values and rents over the past year has contributed to greater affordability pressures for households," …
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