Australian housing affordability reaches a record low

Housing affordability in Australia has reached a record low as mortgage rates and high home prices drive buyers out of the market. The latest Housing Affordability Report indicates that the median income household earning $112,000 can afford only 14 per cent of the available homes. The figure has declined from 43 per cent three years ago. New South Wales, Victoria and Tasmania top the list for the worst affordability rates. According to the data, only 10 per cent of median-income residents in New South Wales can enter the property market.