For those shedding a tear over house prices falling, these numbers may change your mind | Greg Jericho

Guardian Australia

For those shedding a tear over house prices falling, these numbers may change your mind | Greg Jericho

An average home would cost $595,500 now if prices were the same relative to income as before John Howard turned the market into an investor casino Get our breaking news email , free app or daily news podcast In the first three months of this year, house prices continued their previously inexorable climb, far outpacing incomes and wages growth. Now, thanks to changes to capital gain tax and negative gearing flagged in the budget, there is finally hope that housing affordability may improve. But after 26 years of damage, there is a long way to go. The Bureau of Statistics’ total value of dwellings survey always brings feelings of despair. In the March quarter, average dwelling prices across the nation increased 2.1% – well ahead of the 0.8% increase in average household disposable income. And the annual increase of 10.3% is again well ahead of the growth on incomes. Continue reading...

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