Most Aussies fear home ownership is out of reach for young people

By Jon Bragg

March 25 2022
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Housing affordability will be a key issue for many voters in the upcoming election.

A recent survey commissioned by the Property Council of Australia has found that 68 per cent of Aussies are concerned that young people will never be able to afford a home.

Following the fastest house price growth in two decades, more than two-thirds of the population now believe that Aussies who don’t currently own a home may never be able to buy one due to steep costs.

The dream of home ownership is also seen as being out of reach for most Australians, according to 67 per cent of the survey respondents.

“Our research shows four out of every five aspiring homeowners actually believe the dream of home ownership is unachievable, which you’d have to say is incredibly disheartening,” said Property Council chief executive Ken Morrison.

“It’s no wonder more than half of 18 to 34-year-olds say it will be an important issue for them in deciding their vote, while another quarter felt it was one of the most important issues coming into the election.”

The importance of home ownership for an individual’s long-term financial security was supported by 73 per cent of all respondents, including 82 per cent of those aged 55 or older.

Nearly 90 per cent of those trying to enter the market said that housing affordability would be one of the most important issues in determining their vote in the upcoming election.

73 per cent of voters said that the federal government needed to work with states to provide more housing in areas where it is needed.

Furthermore, three quarters of renters said they wanted more action from the government to encourage the construction of more affordable housing specifically for first-time buyers.

Mr Morrison noted that the federal government’s own forecasts suggest that the national housing supply will fall by about 35 per cent at the same time as population growth rebounds.

“As a country, we need to get better at bringing on the new housing that our growing communities need. There is no single silver bullet and every level of government has a role to play here,” said Mr Morrison.

“Housing affordability isn’t a nice-to-have, it’s a must-have. Although people feel the dream is fading, we can actually turn it around. With the right decisions, we can in fact keep that dream alive for all Australians.”

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