Labor and the Coalition face electoral upheaval in traditionally safe seats where housing affordability has deteriorated rapidly, making Millennial and Generation Z voters more likely to turn away from the major parties.

Exclusive analysis by The Australian Financial Review of nearly 25,000 data points compiled by research firm Cotality, formerly CoreLogic, shows safe Labor seats such as Watson, Blaxland, McMahon and Kingsford Smith have recorded among the worst deterioration in housing affordability since the 2022 federal election.