“A household in which one partner earns the average income and the other works half the week could borrow enough money to buy a home worth $756,250… That assumes they save a 20 per cent deposit plus transaction costs. If both partners work full-time, their …”
As demonstrated previously, the cheapest family-sized apartment will run $1.3m-$1.5m+; well outside the budget of an average family where both parents are working full-time AND they have been able to save the 20% deposit (plus the extra stamp duty at high rates in the dollar) in the first place. And there is nothing on the horizon that will reduce costs to help improve that price point.
I’ll keep repeating this really simple message until it is heard: Apartments will not be an affordable solution for families (or the bulk of housing) any time soon. The earlier this reality is accepted, the faster we’ll all be able to focus on meaningful measures to tackle the #housingcrisis with homes real people can actually afford.