Residential real estate holds significant value for Australians. Financially, it is the country’s largest asset class, with a valuation of over $7 trillion. Emotionally, it defines the Great Australian Dream.
However, housing affordability has worsened over the past 15 years by every measure. The cost of buying a house is 7.2 times the annual income of a typical household, up from 4.2 times annual household income 15 years ago.
How can the problem be addressed?
In September 2017, 12 young CPAs in Melbourne and Sydney, known as the CPA Changemakers, got together to develop a series of recommendations. Their discussions were informed by data and insights from Peter Munckton, chief economist at Bank of Queensland, Greg Dickason, chief technology officer at CoreLogic, and Andy Gooden, chief operating officer of Little Real Estate.
This ebook is a collaboration between CPA and CoreLogic and is designed to take readers through the CPA Changemakers’ journey of discovery about the Australian property market and the solutions they developed.