Choose your kryptonite: house prices or climate change

It now costs $920,100 to buy a home in Australia, on average. So it's no wonder housing affordability is considered one of the top-three issues faced by young Australians ahead of the next Federal election.

It now costs $920,100 to buy a home in Australia, on average. So it's no wonder housing affordability is considered one of the top-three issues faced by young Australians ahead of the next Federal election.

Housing affordability is a top priority among young voters, coming in ahead of climate change, new polling reveals. 

The survey by JWS Research, commissioned by the Housing Industry Association, suggests getting a foot in the housing market will be a key election issue for 18 to 35 year-olds.

The report comes as the Australian Bureau of Statistics released new data on Tuesday which revealed residential property prices rose 23.7 per cent last year, representing the strongest annual growth on record.

According to the JWS Research, Australians aged 18 to 35 consider housing affordability to be the third biggest concern faced by Australians, behind cost of living and Covid. 

For 13 per cent of young people, housing affordability is their number one worry.

People aged 18 to 35, as well as those aged 35 to 54 (to a lesser extent), prefer Labor over the Coalition to handle housing affordability, compared to over 55 year-olds, who think the Coalition could do a better job.

Derelict terrace on Bridge St, Erskineville, sold for $1,310,000 on December 3, 2021.

Across all age groups, housing affordability is the fourth highest concern behind Covid, cost of living, and hospitals, healthcare and ageing.

The environment and climate change sits at fifth position when all age groups are considered. 

Housing prices continue to skyrocket.

According to the ABS data, Hobart (+29.8 per cent), Canberra (+28.8 per cent) and Brisbane (+27.8 per cent) led the pack, with Sydney (+26.7 per cent) and Adelaide (+23.9 per cent) all recorded an annual rise in residential property prices in the December quarter 2021. 

The mean price of residential dwellings in Australia was $920,100, up from $876,100 in the September quarter 2021.

Derelict Richmond house on the market for $1m.

Yet, the aspiration to own a home, among 18 to 35 year olds currently renting, is also down, particularly in NSW.

Younger Australians are also less inclined to see home ownership as something 'everyday Australians' should be able to achieve.

The big decline in this sentiment since December 2018 was led by those under 54, and those living in NSW, Victoria and Labor marginal seats.