Brisbane house prices rose nearly 300 per cent over the last 30 years, Productivity Commission report says


Posted

April 11, 2018 12:43:43

Brisbane house prices have surged by nearly 300 per cent in real terms over the past 30 years, a new report into housing affordability says.

The 299 per cent increase was primarily driven by the cost of land, rather than the quality of housing.

The Queensland Productivity Commission report found that housing affordability ā€” measured as a ratio of income to house prices ā€” had deteriorated significantly since the 1980s, but had stabilised in the last few years.

The Gold and Sunshine coasts and the Wide Bay region were the least affordable, both in rents and house prices, while the most affordable areas included central Queensland, Mackay and the outback.

The report found younger people, families and couples were now looking to buy units or townhouses, because they could not afford a house.

For many, it was the high cost of a deposit, rather than the cost of mortgage repayments, that was holding them back.

But that was not the only reason.

Higher rates of part-time employment and underemployment had put home ownership out of reach.

The report also found that over the past 60 years, home sizes had increased, yet the average number of people living in those houses had fallen.

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