INDUSTRY NEWSNationalNEWS

Voters worry young people won’t be able to buy a home

Nearly three quarters of voters fear young Australians will never be able to afford a home according to new research.

Property Council of Australia data found 70 per cent of voters worry home ownership is out of reach for most Australians.

While 90 per cent of people trying to get into the market said housing affordability is one of the most important issues in deciding their vote when it comes to the May Federal Election.

Property Council Chief Executive Ken Morrison said the political parties needed to take note of housing affordability and outline how they intend to address it.

“This data paints a pretty sad state of affairs,” Mr Morrison said.

“Australians deserve better and the campaign we are launching today aims to send a message that we need action from all our political leaders to work with industry to deal with the situation.

“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.”

Mr Morrison said all age groups struggled with housing affordability.

“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,” he said.

“Older voters are also very concerned.

“Our data shows 82 per cent of over 55-year-olds say while they believe home ownership is crucial to financial security, 70 per cent of them also believe that dream is fading for future generations.”

The Australia-wide poll of 1100 people found women were more concerned than men about housing affordability, while three quarters of renters said they would like the Federal Government to encourage more affordable homes to be built, specifically for first home buyers. 

Additionally, 73 per cent of voters said the Federal Government needed to work with the states to build more homes where people need them, with 68 per cent believing the only way to buy will be with help from parents.

Mr Morrison said housing supply had been a critical issue for many years and it would only get worse in the short term.

“The government’s official forecasts show national housing supply is set to fall by around 35 per cent right at a time that our population growth will be rebounding,” he said. 

“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.

“With the right policy settings, we can deliver greater housing choice – including options for older Australians to live where their kids are now growing up, teachers and nurses who deserve to live close to work, and couples who want to find a home to raise their young families. “

The Property Council of Australia has released a new video campaign to encourage government action housing affordability.

Mr Morrison said the time to act is now. 

“Housing affordability isn’t a nice to have, it’s a must have,” he said.

“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.”

Show More

News Room

If you have any news for the Real Estate industry - whether you are a professional or a supplier to the industry, please email us: newsroom@eliteagent.com

Rowan Crosby

Rowan Crosby is a freelance journalist specialising in finance and real estate.