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Politics

Soaring house prices turn 'Australian dream' into nightmare

Canberra mulls tax changes as young workers are squeezed out of the market

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A newly-constructed home is listed as sold on an advertising board in the Sydney suburb town.   © Reuters

MELBOURNE -- Like many of her peers, Megan Shellie doubts that she will ever be able to buy a home within a reasonable commuting distance of a job in one of the teeming coastal cities that drive Australia's economy.

Even though she expects to be earning a salary of up to 60,000 Australian dollars ($45,000) after graduating from university in June, the 23-year-old is despondent about a market in which property prices seem increasingly out of reach of average wage-earners.

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