Soft income growth will squeeze the housing market

The tax benefits of housing investment remain appealing to many Australians, but it's unlikely the market can maintain its momentum for much longer.

House prices continued to rise during the September quarter but the pace of growth has slowed considerably in each capital besides Sydney. The unusual combination of elevated housing multiples and poor income growth leave the property market on an unsustainable footing. In the long term, income growth must rise or property prices will inevitably ease.

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