A recent survey conducted by Finder has revealed that over one-third of Australians believe they will never be able to afford a home, highlighting a significant issue in the housing market. This survey indicates that approximately 35% of the population, equating to nearly 9.5 million individuals, feel locked out of home ownership due to soaring property prices and stagnant wages.
The research reflects a concerning trend: housing costs have escalated dramatically over the past 20 years, creating an ever-widening gap between property prices and income. Finder’s Graham Cooke noted that even individuals with decent jobs are struggling to enter the housing market, as “record prices and steep borrowing costs” make saving for a deposit increasingly difficult. In many areas, a six-figure salary may not suffice to secure a mortgage comfortably, further demonstrating the severity of the crisis.
The survey also found that nearly half of Australians are living from paycheque to paycheque, with 12% expressing job insecurity. This financial strain exacerbates the challenges of home ownership, contributing to a growing sense of hopelessness among potential buyers.
Experts are grappling with solutions to this housing crisis. The need for increased housing supply has emerged as a focal point in discussions. According to Mala Raghavan from the University of Tasmania, the government must play an active role in facilitating housing development by removing bureaucratic obstacles that hinder progress.
Moreover, other experts suggest that addressing immigration may be a necessary strategy to manage housing demand. Noel Whittaker from the Queensland University of Technology pointed out that reducing demand could involve limiting immigration and reassessing government initiatives aimed at making housing more affordable. However, he expressed skepticism regarding the feasibility of increasing housing supply, citing the considerable bureaucratic bottlenecks hindering development.
Ultimately, the prevailing sentiment is one of urgency. With millions feeling excluded from the housing market and the crisis deepening, there is a pressing need for comprehensive policy reform to address both supply and demand issues. The ongoing housing affordability crisis continues to challenge the aspirations of many Australians, prompting calls for decisive action to make home ownership a realistic goal once again.