Australian Housing Crisis Worsens: One-Third of Citizens Believe Home Ownership is Unattainable
In a concerning trend, over 35% of Australians, equivalent to approximately 9.5 million people, now believe they will never be able to afford to buy a home, according to a recent survey by data comparison firm Finder.
The widening gap between income and property prices has led to a surge in unaffordability, with even those with good jobs feeling locked out of the market due to record prices, steep borrowing costs, and the struggle to save for a deposit.
Experts Weigh in on Solutions to the Crisis
The housing crisis has become a pressing issue, with experts across the country scrambling to find solutions.
A common theme emerged: increasing the housing supply is crucial.
According to Mala Raghavan from the University of Tasmania, the government must play an enabling role by introducing policies that remove barriers to housing development.
Noel Whittaker from the Queensland University of Technology suggested that addressing immigration could also be a potential solution, either by reducing demand through limiting immigration or increasing supply by tackling bureaucratic processes.
The survey also revealed that almost half of all Australians are living paycheque to paycheque, and 12% feel insecure in their current job, further exacerbating the housing crisis.
As the situation continues to deteriorate, experts and policymakers are under increasing pressure to find effective solutions to make homeownership a reality for millions of Australians.