This article is from the Australian Property Journal archive
TWO in every three Victorians believe that those who aren’t currently in the housing market may never be able to achieve home ownership, due to a lack of affordability.
According to a survey from the Property Council of Australia, as part of their national housing affordability campaign, 60% of Victorians named housing affordability as amongst the most significant factors determining their vote for the upcoming federal election.
“Housing affordability is one of the greatest challenges for many Victorians, and despite still aspiring to buy their own home, this data shows for many Victorians this is a dream fast becoming out of reach,” said Danni Hunter, Victorian executive at the Property Council of Australia.
68% of Victorians also responded that they fear young people will never be able to buy a home.
“The research does not mean the great Australian dream of owning a home has left the psyche of the younger generation, or that we can’t change the course of this concerning trend, but leadership and action is urgently needed,” added Hunter.
Nationally, the poll revealed that women are more concerned than men when it comes to housing affordability.
“Housing affordability will rely on the achievement of real reform, and the Property Council continues to advocate for planning system and housing sector reform that makes housing more affordable and accessible, and allows the property industry to deliver the new housing supply we need,” said Hunter.
While again in Victoria, 71% of those surveyed believe financial support from parents may be the only way some people could ever achieve home ownership.
“All Victorians deserve to have the choice to own their own home, to follow in the footsteps of the generations that have come before them and who were afforded the very same privilege,” added Hunter
Despite what they may deserve, this is becoming increasingly unlikely all across the country with the 12 months ending December 2021 seeing house prices increase by 25.1%, marking the first instance since June of 2002 that Australia’s annual house price growth has exceeded 20%.
“The dream of home ownership is very much alive and well for Victorians, but housing affordability and accessibility are clearly major barriers,” concluded Hunter.
