A Recent Report Released by Monash University Researchers Has Suggested

A recent report released by Monash University researchers has suggested that housing affordability in Melbourne is falling sharply and that Melbourne is now ranked second only to Sydney as the least affordable city for home buyers. A key indicator used in housing research is the median house price and median household income multiple. The research showed that the median Melbourne house price was $576,000 and the median household income was $67,700. Thus the multiple for Melbourne is 8.4 (compared with 9.2 in Sydney). Factors explaining the decline in housing affordability are largely economic: escalating land prices, increasing construction costs, failed planning policies and shortages of land in metropolitan area. Briefly discuss the
implications of housing affordability in Melbourne from a consumers' perspective.

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