Two-thirds of prospective Australian home buyers believe the only way they will be able to afford a property is if they receive an inheritance from their parents, a nationwide survey has revealed.
Two-thirds of prospective Australian home buyers believe the only way they will be able to afford a property is if they receive an inheritance from their parents, a nationwide survey has revealed, showing people believe soaring house prices are now a major threat to the economy.
Despite a softening in the national property market over the past 12 months, Australian housing is among the most expensive in the developed world. Median-priced houses are approaching 10 times household income in many capital cities.The monitor found the combination of soaring prices and the tightening rental market has left many Australians fearful they will never own a home.
Even among those earning over $104,000, more than half say they will need an inheritance to buy a home. Less than 24 per cent of this group say they can get into the property market without assistance from the bank of mum and dad, with the rest unsure.
“However, we also found a significant and broad appetite for reform in the housing policy space. Survey respondents were overwhelmingly in favour of increasing the construction of public housing, limiting sudden rent increases, and tax reform to better balance the interests of owner-occupiers and housing investors.”
Prime Minister Anthony Albanese, who said the government had a mandate for the housing fund, accused the Greens of being obsessed by the political debate over housing affordability rather than delivering an outcome that would benefit Australians.
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