Property prices: Australia does not have enough housing, and we’re all paying for it

Restrictive planning rules add hundreds of thousands of dollars to the average price of a property. This is driving high prices, long commutes and poverty.

Housing in Australia is expensive. Really expensive.

Property prices are already at record highs and growing at their fastest rate since 2003, despite the economic turmoil of the pandemic.

Sydney and Melbourne are the third- and sixth-least affordable cities for housing in the world when incomes and prices are taken into account, and all five of Australia’s major cities are considered