Majority of young Victorians believe they will never be able to buy a home

Housing has emerged as a key election issue, with more than two-thirds of young Victorians believing they may never be able to buy a home.

The median price of a home in metropolitan Melbourne is currently at $1.1 million. Picture: David Crosling

More than two-thirds of Victorians believe young people who don’t currently own a home may never be able to buy due to high costs, new polling has revealed.

Data from the Property Council of Australia, released exclusively to the Herald Sun as part of a new national housing affordability campaign, has revealed 60 per cent of Victorians say property prices will be one of the most important issues that will ultimately decide their vote in the upcoming federal and state elections.

It also found almost 70 per cent of Victorian voters fear young people will never be able to buy a home, while 71 per cent believed that for some people the only way they’ll get to own a home is through financial support from their parents.

Property Council of Australia Victorian executive director Danni Hunter said the “concerning” findings should focus the policy agendas of all sides of politics.

It comes after Premier Daniel Andrews last week said the “great Australian dream” of owning a home was less important to younger generations given increasing costs.

Many young Australians rely on their families for financial support when buying a house or property. Picture: Luis Enrique Ascui

But Ms Hunter said the “dream of home ownership is very much alive and well for Victorians, but housing affordability and accessibility are clearly major barriers”.

“At the crux of this issue is choice. Younger Victorians deserve to have the choice to own their own home and to follow in the footsteps of the generations that have come before them and who were afforded the very same privilege,” she said.

“Rather than merely dismissing the desires of young people, or any Victorians for that matter, we should be leading from the front at both an industry and government level.”

The median price of a home in metropolitan Melbourne is currently at $1.1 million, while more than 35 per cent of family income, on average, is required to be devoted to mortgage repayments. And Property Council research in 2018 showed state taxes and charges made up more than $180,000 of an average house price.

Ms Hunter said “real reform” was needed to combat the crisis, adding the Andrews government could take up the “immediate opportunity” to reform the Victorian planning system and deliver new housing supply in places it is “desperately needed”.

Renter Laura Aridas fears she may not be able to afford a home in the future. Picture: Rob Leeson

“This is the kind of opportunity for high-impact reform we should not put on the shelf,” she said, referencing the government’s embarrassing backflip on a proposed social housing tax.

The Australia-wide poll of 1100 people undertaken last week also found nationally women are more concerned than men when it comes to the issue of affordability.

The new campaign – titled ‘Our Dream’ – forms one part of the Property Council’s seven-point federal election platform, which outlines the policy framework for addressing housing affordability.

Laura Aridas, a hopeful buyer of her first house, said it was the disappointing that the value of a house decreased every year.

“A home is one of the biggest investments for anyone and it is frustrating that we have to compromise on types of houses or desired areas because we are being beaten out by investors,” she said.