Property pessimism spreads across all generations

Out of the 3,000 Aussies surveyed, only 59 per cent of Millennials and 63 per cent of Gen Zs believe they will be likely to ever own their own home. Given that 88 per cent of Millennials and 93 per cent of Gen Zs said that they will ideally like to be home owners one day, it’s a significant shortfall.

But the number of young Australians who are cynical about their chances of buying property pales in comparison to the number of older renters who share the same attitudes.

Only 40 per cent of Gen Xs believe they can own a home someday, if they did not already. Amongst Baby Boomers who rent, this number shrinks to a miniscule 15 per cent.

As poll program leader Matt Crocker underscored: “The Australian dream of owning your home is still important, but people face lots of barriers to make it a reality.”

He emphasised that the desire to own a home remains strong, especially amongst younger Australians, but noted that the “belief that it’s achievable is far lower”.

“High house prices are impacting both the life plans of younger people and the retirement plans of older people,” he stated. “This is a clear sign that our housing market has issues that need to be addressed.”

As numerous industry and government bodies have emphasised, the solution to making housing more affordable is adding more supply. From the federal government’s Housing Australia Future Fund, to the NSW government’s Housing and Infrastructure Plan, and even granny flat construction, Australia has sought out ways to amp up density and get more homes on the market.

Despite the need to densify, however, the Susan McKinnon Foundation found that attitudes towards development are mixed.

Terraces, townhouses and semi-detached homes are the most popular choice of additional density amongst poll respondents, while one- to three-storey apartment blocks come in second.

The survey also found that younger people are significantly more supportive of density in their neighbourhoods than older respondents.

Of the Australian states and territories, semi-detached homes have received the most support from Queensland, Western Australia and South Australia, with Victoria more lukewarm. Queensland and NSW are the most receptive to one- to three-storey apartments.

“There is a clear preference for more human-scale density in our suburbs,” Mr Crocker concluded. “Younger people are more willing to see their suburbs change if it means better access to housing.”