A news item about rising housing prices from Australia caught our eye. The reporter, Stephen Long, begins with a discussion of the rise in value of a home owned by the same person for 60 years. The selling price in 2021 was 700 times more than when it was purchased. With a home owned for so long, and such a large increase, it’s an invitation to keep reading.
That recent home selling price (AU$2.7 million) is not unusual by any means. It puts the dream of home ownership beyond reach of first time homebuyers. Long also points out that housing affordability issues are not new, and discusses some of the historic barriers to entering the market1.
Obviously, the focus is young adults. But as Long relates, there are bigger barriers for some than others, especially for people whose parents are renters. And, although this story is set in Australia, it applies just as much in other countries. Read more at at ABC News: From a ‘class divide’ to ‘intergenerational theft’, Australia’s real estate frenzy leaves many behind
Footnotes
- For additional insight in to the history of unaffordable housing in Australia, try: Rentierization: Landlords & Speculators With Their Foot On The Gas Burning Your Dollars
