Even CBA's chief economist is worried about housing affordability
Stephen Halmarick has witnessed plenty of economic challenges during his career. The struggles young Australians are facing in the housing market is up there with the biggest.
There are many financial forecasts and market uncertainties keeping Commonwealth Bank chief economist Stephen Halmarick and his team of researchers busy. But when he goes home in the evening, it’s the economic challenge of housing affordability that he can’t stop thinking about.
Halmarick has six children aged 16 to 27 in his blended family. Some of them have moved out of home. Despite his position at the nation’s biggest lender (CBA has about $6.2 billion worth of home loans on its books), good schooling for his children and family support, he worries about how they will afford homes of their own.
“It has become increasingly [an issue for me] because my children are all mostly in their 20s… They’re deep in it. They’re finding it difficult and they’ve come from a pretty privileged childhood. For others who are less fortunate it must be incredibly difficult. It’s just really hard.”
A median priced house in Halmarick’s home city Sydney is above $1.3 million, latest CoreLogic figures show. A median apartment is priced above $800,000.
