Housing reform key to millennial vote next federal election

Housing policy will be key to capturing millennials’ vote at the next federal election, with a new survey revealing half of younger Australians believe negative gearing reform is critical to unlocking home ownership.

93 per cent of the millennial cohort surveyed said housing issues will be key to securing their vote. Picture: News Corp

Housing policy will be key to capturing millennials’ vote at the next federal election, with a new survey revealing half of younger Australians believe negative gearing reform is critical to unlocking home ownership.

Loan brokerage Mortgage Choice’s quarterly Home Loan report revealed housing issues will be a consideration for 87 per cent of Australians at the next federal election, which is likely to take place in the first half of 2025.

However, 93 per cent of the millennial cohort – who are now between 28 and 43 years old and in the home-buying stage of life – say it will be key to securing their vote.

Housing researcher PropTrack director of economic research Cameron Kusher said the results of the survey of 1000 people were unsurprising.

“The Greens have really tapped into that angst,” Mr Kusher said.

“A lot of millennials and Gen Z are renting, and I think particularly in some of the more expensive cities, they’ve seen ­prices rise so much over the last five years, and they’ve seen their rent go up so much, it’s ­really hard for them to save a ­deposit.”

Three in five millennials ­believe that abolishing negative gearing would make housing more affordable, and want limits placed on the number of homes a person can own.

Half of Gen X feel the same way, while only 38 per cent of baby boomers want tax reform.

Mortgage Choice CEO Anthony Waldron said the survey of 1000 people showed seven in 10 people with a mortgage supported increased government intervention to improve housing affordability.

“But opinion is divided on the measures used to achieve this,” Mr Waldron said.

“While almost half (47 per cent) of survey respondents with a mortgage said that reforming tax policies would make housing more affordable, 46 per cent of mortgage holders surveyed ­currently negatively gear an ­investment property and would not like to lose those tax ­concessions.”

Only two in five baby boomers believe superannuation should be accessible to those buying a house, compared to between 58 and 62 per cent of younger generations.

About half of respondents agree that lowering interest rates and removing stamp duty would make home ownership a more achievable goal for future ­generations.

About a third are ­confident that more social housing or general supply, a lower mortgage rate serviceability buffer and eliminating higher education debt will make a difference.

“I think people know that housing affordability is a ­challenge.

“They know that getting into home ownership is really difficult, but a lot of people just aren’t clear on how to fix that,” Mr Kusher said.