Ilan Wiesel, The University of Melbourne; Liss Ralston, Swinburne University of Technology, and Wendy Stone, Swinburne University of Technology
You’d think falling housing prices might help people on low incomes, but history shows downturns often increase inequality. And many buyers who took out big loans during the housing boom are at risk.
The apartment complex in Erskineville, Sydney, that is abandoned due to fears the homes are on contaminated ground.
Joel Carrett/AAP
Hundreds of thousands of Australians are forced into inadequate or unhealthy housing by high housing costs.
The housing boom increased wealth gains for affluent households while rising housing costs undermined income gains for less affluent households.
Sam Mooy/AAP
Ilan Wiesel, The University of Melbourne; Liss Ralston, Swinburne University of Technology, and Wendy Stone, Swinburne University of Technology
The Productivity Commission neglected the impact of housing costs. After allowing for these costs, the top 10% of households’ average disposable income grew at 2.7 times the rate of the bottom 10%.
It’s hard to get a fix on where Australia’s economy is headed.
Garry Knight/Flickr
Melbourne has seen tens of thousands of new apartments constructed over recent years, and apartment brands are flourishing. We can see striking typographic similarities with another economic frenzy: the 1870s cattle boom.
The renting class faces the unrelenting burden of ever-rising rents.
AAP/Mick Tsikas