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Yesterday, the ABS released the national finance and wealth accounts for the September 2015 quarter, which revealed that Australian housing values surged to a new record high when measured against household incomes and GDP.
As shown in the next chart, the ratio of total housing assets owned by households (both structures and land) was 7.06 times aggregate employee earnings as at September 2015 (shown below as 2016 because it is part of the 2015-16 financial year), above the previous high of 6.90 times earnings recorded in March 2010:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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