dailytelegraph tells us from Sydney, Australia, the U.S. is not the only country where the gap between income and real estate prices is widening. Sydney’s home prices are expected to rise 19 percent in the next three years, to a median of $770,000. “The big problem with affordability is housing supply,” according to Nicolas Perren, director of Tektum. There is a demand for 150,000 dwellings a year in Australia – but only 120,000 are being built.” Next week at the Sydney Architecture Festival, modular homes will be a featured presentation as a possible solution to the housing crisis. Leading industry figures will be observing these single-story homes that range in size from 45 square meters with two bedrooms, to 170 square meters with six bedrooms. These modular houses can be assembled in three days and cost between $100,000 and 250,000. CEO Douglas Driscoll of Starr Partners thinks this could work particularly well with public housing.
(Photo credit: dailytelegraph)