How Australia’s Housing Market Became So Out of Reach: QuickTake

Australian homes are among the most expensive in the developed world. Buyers, desperate to get onto the property ladder, are taking on more debt than ever before, and uninhabitable properties, some covered in mold and asbestos, are being snapped up for millions.

Australia’s housing crisis has been years in the making. Nationwide home prices are higher than ever, rents are at record levels, and homelessness is rising, making housing a hot-button issue for many Australians, particularly in the lead up to the country’s federal election in May.

In as many as 120 of the 150 electoral divisions, at least ...