Why some Australians may never own a home

(Phil Mercer, 28 May 2014, BBC.com/capital)

Paul Whalen seems like the perfect candidate for first-time home ownership. He has a good job in the financial industry, has some money saved and is ready to settle down. But, with the average home price more than 10 times the average wage, the dream of property ownership is slipping away from younger Australians, particularly in Sydney, where prices have jumped by 14% year to year, and a whopping 60% since 2009.

...Alex Greenwich, an independent member of the New South Wales parliament, calls the situation out of control. “Housing affordability has been approaching a crisis level in Australia particularly in inner Sydney,” he said....

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