House prices now at affordable level for average earners - NEW REPORT

HOUSE prices have fallen so much they have now reached affordable levels for thousands on average salaries, a major new study claims.

The first of its kind, the global survey found it now takes the equivalent of little more than three times the average salary to buy a house here.

The study is part of a major international examination of prices in cities across the globe. It was carried out by the prestigious Demographia International Housing Affordability Survey. Wendell Cox, principal of the Illinois based Demographia said:"The bubble is over. Prices have continued to decline. We have housing prices back to where they're supposed to be." The definition of affordable is that houses cost around three times the annual income of people living in the city.

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