Confused about the property market? Cannot afford to get in, cannot afford to get out? Well you are not alone. Surely getting and keeping a roof over our heads should not be this hard. But the housing crisis continues of defy all attempts at a solution. It gets more shambolic and divisive by the day. The haves against the have-nots, rich versus the poor, even old against the young.
It used be that Australian’s would spend three or four times the annual income per ABS Surveys of Income and Housing on a house. Now it’s eleven times, putting homeownership out of reach from many and especially for young people, with tax breaks having helped fuel the unprecedented housing boom. A generation has been shut out of the great Australian dream, but experts …show more content…
The property ladder is becoming further divided; either you are on the property ladder and want the value of your property to stay high, or you are not on the ladder and you want prices to come down. For over decades, conversations on housing affordability have and continue to be dominated people who are foreseen to have a lot more knowledge on the issue, and those who are largely wealthier than your average working class citizen.
The boom in the property sector has contributed a fair amount to the Australian Gross Domestic Product (GDP) in the last decade. Per AEC Group for the Property Council of Australia report, the sector has directly contributed $182.5 billion (11.5%) to the GDP in 2013-14. The sectors’ contribution to the Australian economy has allowed the government to improve the quality of life, but at what cost to blue-collar workers, and especially the millennial generation of this nation.
It should be therefore be no surprise to find that young first time buyers are finding it increasing difficult by the year to purchase a home. As per ABS Surveys of Income and Housing, they reported major findings, displaying the decline in homeownership rates across the spectrum, delving into the post-retirement age
It used be that Australian’s would spend three or four times the annual income per ABS Surveys of Income and Housing on a house. Now it’s eleven times, putting homeownership out of reach from many and especially for young people, with tax breaks having helped fuel the unprecedented housing boom. A generation has been shut out of the great Australian dream, but experts …show more content…
The property ladder is becoming further divided; either you are on the property ladder and want the value of your property to stay high, or you are not on the ladder and you want prices to come down. For over decades, conversations on housing affordability have and continue to be dominated people who are foreseen to have a lot more knowledge on the issue, and those who are largely wealthier than your average working class citizen.
The boom in the property sector has contributed a fair amount to the Australian Gross Domestic Product (GDP) in the last decade. Per AEC Group for the Property Council of Australia report, the sector has directly contributed $182.5 billion (11.5%) to the GDP in 2013-14. The sectors’ contribution to the Australian economy has allowed the government to improve the quality of life, but at what cost to blue-collar workers, and especially the millennial generation of this nation.
It should be therefore be no surprise to find that young first time buyers are finding it increasing difficult by the year to purchase a home. As per ABS Surveys of Income and Housing, they reported major findings, displaying the decline in homeownership rates across the spectrum, delving into the post-retirement age