A new 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 have given up on the idea of buying a house because, surprise surprise, neither major party is going to sort out our housing affordability crisis.
A survey conducted for The Sydney Morning Herald and The Age by research company Resolve Strategic revealed 67 per cent of voters 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 really unfortunate thing in the lead-up to the election is that neither side of politics has anything serious on the table at all that would correct the structural barriers to first-home ownership for moderate or even high-income earners.”
The survey of 1400 people also asked respondents for their key concerns going into the federal election 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 in deciding who to vote for.
Both the Coalition and Labor have campaigned on lowering the cost of living and promised tax cuts and cash splashes to put more dough in people’s pockets.
Scott Morrison also announced last month he would expand the Home Guarantee Scheme so first-home buyers needed smaller deposits to be able to buy. But all this does is put people in more debt; it doesn’t actually lower the housing cost or address inflation or the insufficient supply of affordable housing.
Labor has gone a little further and promised to build 30,000 social and affordable housing in its first five years if elected. More affordable homes means the supply and demand level out a little more and therefore prices go down.
The Greens want to build a million affordable housing properties in 20 years.
According to the Resolve analysis voter support for the Greens among young people has remained steady at around 20 per cent since the last federal election in 2019. Young voters’ support for the Coalition has dropped from 28 to 23 per cent. Their support for Labor has risen from 38 to 41 per cent.
We just have to hope and pray voters follow through on May 21.
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