To understand the affordability problem, it must be understood how it was created. The best analysis is provided by Macquarie Bank economist Rory Robertson: "My summary is that the 75 per cent rise in home prices relative to wages over the past two decades largely reflects the fixed supply of well-located homes — near our CBDs and/or the coast — being swamped in a huge increase in demand for well-located homes. The latter was driven by the halving of nominal interest rates and greatly expanded access to housing finance, a record increase in Australia's population, and the halving of capital gains tax for investors, on top of 'negative gearing' and depreciation arrangements."
A combination of many things. But politics doesn't like grey.