An Australian study has confirmed two-thirds of young Aussies can’t see homeownership in their futures due to surging house prices and tell me something I don’t know.
Experts said young people had given up on the idea of buying a house because, surprise surprise, because our housing affordability crisis had gotten out of control.
A survey conducted for The Sydney Morning Herald and The Age by research company Resolve Strategic revealed 67 per cent of people aged from 18 to 34 believed anyone their age who did not already own a place would never be able to do so.
A mere 13 per cent of the same cohort believed younger people would be able to buy their first properties in the area they live.
In contrast, half of people over 55 who were asked the same questions thought yeah, sure! Young people will be able to buy a home no problem!
But housing prices across the country went up 25 per-fucking-cent in 2021 alone so…
University of Sydney professor of urban planning Nicole Gurran told SMH all evidence showed homeownership had become more and more difficult over the years.
“Unless you have access to inherited wealth or an astronomically high income, you face hurdles that just didn’t exist even a decade ago,” she said.
The survey of 1400 people also asked respondents for their key concerns and cost of living came out on top.
In the 18 to 34 age bracket 25 per cent of respondents named the cost of living, 15 per cent said climate change and 9 per cent picked health and aged care as their priorities ahead of the election.
Labor campaigned on lowering the cost of living and promised tax cuts and cash splashes to put more dough in people’s pockets. It also promised to build 30,000 social and affordable housing in its first five years. More affordable homes means the supply and demand level out a little more and therefore prices go down.
But no governments are really doing anything substantive and the cost of living is just getting worse. I’d better start being nicer to my housemates if I’m going to be here a while.