Australia's Housing Affordability Crisis Intensifies

In 2024, the Australian housing market continues to face challenges with rising home and rent values, leading to a significant increase in demand for units as affordability metrics deteriorate. The median dwelling value to income ratio has reached a record high of 8.0, indicating severe difficulties for households trying to enter the property market. Simultaneously, a study from Austria reveals refugees move nearly four times more often than other migrants, highlighting their unstable housing situations, which poses integration challenges. This instability is compounded by financial strain and difficulties accessing education and healthcare. Experts in Australia express concern that high levels of immigration are exacerbating housing affordability issues, with city leaders emphasizing the need for improved planning and density policies to address supply constraints. Overall, both countries are grappling with the economic implications of migration on housing stability and affordability.