Housing affordability set to become an election issue
about 3 years in news
Sky News Political Editor Andrew Clennell says housing affordability looks "set to become an election issue" with property prices expected to see a growth of over 10 per cent.
Treasurer Josh Frydenberg consulted with the Governor of the Reserve Bank and the head of APRA about the price bubble as is closely monitoring the change.
Prime Minister Scott Morrison tightened rules around lending to help deal with ballooning house prices during his time as treasurer and the option remains on the table for Mr Frydenberg.
"The increase in house prices is something of a global phenomenon at the moment, despite the virus, because of low interest rates with similar trends recorded in Canada, the US, and New Zealand," he said.
"Since February, in Sydney, in just one month, there was a 4.32 per cent increase in the price of houses.
"Annually, prices are up 7.72 per cent."
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