Within living memory, Australia was a place where people of all ages and incomes had a reasonable chance to own a home. But the great Australian dream of home ownership is rapidly turning into a nightmare for many young Australians.

Home ownership rates are falling. Between 1981 and 2016, the share of 25 to 34 year-olds who owned their own home fell from more than 60 per cent to 45 per cent. Half of the poorest 40 per cent of Australians aged 25-34 owned their homes in 1981. Now it’s just 30 per cent. Increasingly, younger Australians’ best chance of owning a home is to have parents who already own one.