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For first home buyers, the issue of housing affordability appears to be so concerning that it’s come to outweigh every other priority heading into the next federal election.
A new poll by the Property Council of Australia has found that 90 per cent of people trying to get into the market say housing affordability is one of the most important factors in deciding their upcoming vote.
Additionally, roughly 70 per cent of voters are concerned that young Australians will never be able to afford to buy and that the Australian dream of home ownership is not currently an achievable goal for many.
Property Council chief executive Ken Morrison said he hoped this data would spur federal, state and territory governments into action to release clear plans for addressing a problem he called “wicked and complex”.
“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,” he acknowledged.
“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 poll, which included 1,100 participants, found that younger voters particularly prioritise the issue of affordability, with more than half of 18 to 34-year-olds reporting it will be a significant factor in swaying their vote. Another quarter in that age bracket cited it as their most important concern ahead of the next federal election.
But that’s not to say that older voters were unconcerned with the current state of property prices.
“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,” Mr Morrison noted.
The poll coincides with the release of the Property Council’s new campaign designed to encourage political leaders to address the housing affordability crisis. The council is encouraging people to share a video expressing the importance of keeping the dream of home ownership within reach of everyday Australians.
“Housing affordability isn’t a nice to have, it’s a must have. 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,” Mr Morrison said.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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