The Great Australian Dream in Crisis: What the Data Isn’t Telling You | With Simon Kuestenmacher

Today, Simon Kuestenmacher and I discuss a topic that’s at the heart of the “Great Australian Dream”: homeownership.

For over a century, owning your own home was not just a rite of passage—it was an expectation. But that dream is slipping further out of reach for millions of Australians, particularly younger generations.

We discuss the evolving landscape of homeownership in Australia, tracing its historical roots and examining the current challenges faced by younger generations.

 

We examine the impact of demographic shifts, migration, and investment trends on homeownership rates, as well as the growing trend towards renting.

 

The conversation highlights the complexities of housing affordability and the systemic issues that need to be addressed to ensure a fair chance for all Australians in the property market.

 

Takeaways 

• Homeownership in Australia is becoming increasingly unattainable for younger generations.
• Historical peaks of homeownership have been followed by significant declines.
• Demographic shifts, including education and migration, are impacting homeownership rates.
• The average age of first home buyers is rising due to economic pressures.
• Government policies are often short-term solutions rather than systemic changes.
• The divide between asset-owning and non-asset-owning families is widening.
• The 'bank of mom and dad' plays a crucial role in homeownership.
• Renting is likely to become the norm in Australia.
•   Affordability issues are compounded by rising property prices and construction costs.
• A comprehensive approach is needed to address housing affordability for future generations.

 

Chapters 

01:48 – Homeownership Dream Slipping Further and Further

09:24 - Different Levels of Homeownership

09:20 – Peculiarities of Life in Inland Cities

13:31 – The Cost of New Construction Become Even Worse

17:45 – Projects in Australian Rental Landscape

21:49 – First Home Buyer Schemes

23:37 – Final Thoughts

 

 

Links and Resources:

 

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Michael Yardney

 

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Simon Kuestenmacher: Australia’s leading demographer and partner in the Demographics Group

 

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