Fed: PM to announce housing cost inquiry
With the cost of a house beyond the reach of most ordinary first home buyers, the federalgovernment is set to announce an inquiry into the spiralling property prices.
Prime Minister JOHN HOWARD is today expected to direct the Productivity Commissionto investigate property markets and the impact on house costs of stamp duty and the GST.
Earlier this week a joint Commonwealth Bank Housing Industry Association report foundhousing affordability is at its lowest level since 1990.
That report's found that despite record low interest rates and growing household income,the house prices are too much for most people.
AAP RTV sw/wz/sco/smb
KEYWORD: HOUSING (CANBERRA)