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Australian housing: affordability crisis worsens

Recent data show that housing costs have reached a record high in Australia. Sydney has been most affected, with median house rents reaching A$400 for the first time. Meanwhile, mortgage lenders have been raising their mortgage rates in the wake of the global credit crunch. Moreover, there is further bad news for both renters and buyers as this affordability crisis shows no signs of slowing down.
8 Oct 2007, 09:55 GMT