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Home price timebomb is ticking

18/03/2010

Australia faces a home price timebomb says one of Australia’s leading builders. Australia's current shortage of 200,000 homes and an annual shortfall of 60,000, would balloon to 800,000 by 2020, if no reforms were undertaken said Stockland managing director Matthew Quinn.

House prices in Australia climbed 13.6 per cent in 2009 alone after a decade in which they posted increases of about 170 per cent, according to the Australian Bureau of Statistics. Mr Quinn said the average first home buyer cannot afford to pay the median house price of $485,000.

Source: Sydney morning Herald



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