You can read more, including state-by-state analysis, on PropTrack insights at: www.realestate.com.au/insights/pro...

It shows that renters of all incomes have never been able to afford so few rentals since 2008, when our data begin. For a median-income household, just 39% of rentals are affordable, and for a lower-income household, effectively none.

The index is a new comprehensive measure of affordability for prospective renters that measures the share of advertised rentals that are affordable for renters right across the income distribution.

Rental affordability has hit its worst level on our records according to our new PropTrack Rental Affordability Index. You can read the full report, from my colleague Paul and me here: www.realestate.com.au/insights/pro...

This increase has wide-ranging implications. Joint research with the e61 Institute finds that a 1 percentage point increase in stamp duty reduces the number of home purchases by 7.2%. You can read the research in detail here: e61.in/stepped-on-b... (4/5)

Part of this increase is because home prices (and thus stamp duty) have grown faster than income. But not all: bracket creep has been very significant, which means buyers today are paying much higher rates of stamp duty than used to be the case. (3/5)

Buyers today pay far more stamp duty than in previous generations. A buyer in Melbourne is paying 6.1 times as much, relative to their income, as a buyer in the early 1980s. (2/5)

This means stamp duty is a huge cost – as much a six months of average full-time take home pay for a median-priced home in Sydney and Melbourne. Even in lower-taxing states stamp duty is still more than three months of income.

Excited to share new joint research from e61 Institute and PropTrack showing the enormous increase in stamp duty over the past few decades. Buyers today pay as much as 6 times more stamp duty, relative to incomes, as a buyer in the early 1980s.