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Home ownership is out of reach for many young Australians

Home ownership is out of reach for many young Australians

Editor

A recent article in The Sydney Morning Herald on 24 July by David Crowe [1] has drawn attention to concerns that soaring property prices are shutting many younger Australians out of the housing market permanently.

A survey conducted for The Sydney Morning Herald and The Age by the research company Resolve Strategic reported that many who had attended housing auctions this year came away saying “people were in shock” from the surge in prices.

The comments from the respondents include: (a) “the pressure is ridiculous. Everyone is hectic and on edge”, (b) “the market is insane. We’ve been

trying to buy for a year but haven’t been able to”, (c) the final price was “way too high”, and (d) “People are crazy. They are paying way more than things are worth”.

In the coming months, it is anticipated that Melbourne and Canberra will soon join Sydney in regard to the elevation of median house prices above $1 million. It was also reported that the RBA and other regulators are canvassing when to tighten lending standards in order to cool the market.

1. https://www.smh.com.au/politics/federal/themarket-is-insane-many-voters-fear-home-ownership-is-out-of-reach-for-young-australians-20210722-p58c57.html

 

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