Housing Affordability Problems Drive More Australians Out of the City
The falling affordability of homes may lead to a second wave of growth in the Australian regional housing market as buyers are pushed out of the cities to cheaper, regional areas.
CoreLogic head of research Eliza Owen told The Australian that since most capital cities were sitting at record high prices, movement to the periphery of large cities or more affordable regional centres was likely.
“That creates additional pressures of displacement for some of those regional centres as well, and eventually prices become less affordable for locals,” Owen said. “That can create some disruption and may have more of a spillover effect into buying into different areas.”
As NAB prepares to report on its 1H21 Financial Results, Chief Operating Officer Les Matheson reflects on work over the past six months to welcome colleagues back to commercial offices and transition to hybrid working.