Australian housing market, real estate boom exposes looming disaster
A housing expert is warning aspiring homeowners to think twice about buying a property because the years of debt and financial pressure may now outweigh the benefits.
Professor Hal Pawson, Associate Director at UNSW’s City Futures Research Centre, said that it doesn’t make as much sense to buy a property now as it did 30 years ago.
In new research published this week, Prof Pawson found that Australians carry some of the largest debts in the developed world because of everyone’s fervent – and sometimes unfounded – desire to own a home.
“We’re concerned that the value of home ownership is sort of degraded,” Prof Pawson told news.com.au.
“The ratio of household debt to GDP, that’s been getting bigger and bigger.”
The professor, who…