Thursday 24 March 2022

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NEW DATA REVEALS EXTENT OF HOUSING AFFORDABILITY CONCERN

New research has revealed almost 70 per cent of voters fear younger people will never be able to buy a home in this country, believing the great Australian dream of home ownership is now out of reach for most Australians.

The Property Council of Australia data also revealed almost 90 per cent of people trying to get into the market say housing affordability is one of the most important issues in deciding their vote when it comes to the May federal election.

The release of the data coincides with a new Property Council campaign – called Our Dream – which includes an emotive video which draws attention to the plight of aspiring home buyers and aims to encourage political leaders to address the worsening housing affordability crisis.

Property Council Chief Executive Ken Morrison said with an election only weeks away, the figures should rightly put pressure on federal parties as well as state, territory and local governments to outline how they plan to address the wicked and complex issue.

“This data paints a pretty sad state of affairs. Australians deserve better and the campaign we are launching today aims to send a message that we need action from all our political leaders to work with industry to deal with the situation,” Mr Morrison said.

“Our research shows 4 out of every 5 aspiring homeowners actually believe the dream of home ownership is unachievable, which you’d have to say is incredibly disheartening.

“It’s no wonder more than half of 18–34-year olds say it will be an important issue for them in deciding their vote, while another quarter felt it was one of the most important issues coming into the election.

“Older voters are also very concerned. 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,” he said.

The Australia-wide poll of 1,100 people undertaken last week by Essential Media also found women are more concerned than men when it comes to the issue of affordability, while three quarters of renters say they would like to see the Federal Government do more to encourage more affordable homes to be built specifically for first home buyers.

73 per cent of voters also said the Federal Government needed to work with the states to get more housing built where people need it.

68 per cent of voters believe for some people, the only way to buy will be with help from parents, and amongst the over 55s, that figure jumped to 74 per cent.

“The Government’s official forecasts show national housing supply is set to fall by around 35 per cent right at a time that our population growth will be rebounding,” Mr Morrison said.

“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.

“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.

“In launching our campaign today, we’re asking people to share our campaign video and let their local federal political candidates and state and local governments know they want action on this important issue.

“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,” he said.

The campaign forms one part of the Property Council’s seven-point pre-budget submission, which outlines the policy framework for addressing the issue.

The Our Dream Property Council campaign video can be found here. Campaign still photography can be found here.

ENDS

Media contact: Ellie Laing | 0416 007 830 | [email protected]propertycouncil.com.au


 

The Essential Media poll surveyed 1091 Australians during the period 17-20 March 2022. An example of the findings are below.

 

Percentage 'Total agree' by Demographics

Column %

Gender

Age

State

Location

TOTAL

Male

Female

18-34

35-54

55+

NSW

VIC

QLD

SA

WA

Capital

Non-Capital

Home ownership is very important for people’s long-term financial security

73%

73%

74%

67%

70%

82%

71%

77%

72%

76%

73%

75%

70%

For some people the only way they’ll get to own their own home is through financial support from their parents

68%

67%

69%

62%

68%

74%

65%

71%

75%

67%

60%

70%

66%

I am concerned that younger people will never be able to afford to buy a home in Australia

68%

63%

73%

70%

67%

67%

68%

68%

69%

68%

65%

69%

66%

Those who don’t currently own their own home may never be able to buy because the cost is so high

68%

62%

73%

64%

67%

71%

70%

65%

71%

68%

57%

67%

69%

The Australian dream of home ownership is now out of reach for most Australians

67%

63%

70%

67%

68%

66%

66%

68%

69%

62%

62%

67%

68%

The Australian dream of home ownership is fading

67%

63%

71%

64%

67%

70%

67%

70%

71%

61%

58%

67%

68%

The government has done what it can to bridge the deposit gap for first home buyers by providing programs such as the First Home Loan Deposit Scheme and the First Home Owners Grant

40%

40%

40%

37%

35%

47%

36%

39%

46%

40%

41%

39%

40%

Column n

1091

534

557

336

370

385

344

275

220

88

110

734

357