The great Australian dream has turned into a housing affordability nightmare that could last another 40 years.
The damning outlook from the Committee for Economic Development of Australia forecasts the current squeeze could last decades unless governments at all levels make changes to housing policy.
Plummeting interest rates and the end of credit rationing has already sparked a surge in worldwide residential real estate prices, meaning the poorest will struggle to find homes, the committee’s new Housing Australia report outlined.
The CEDA report found government policy needs to reflect that for many people the great Australian dream of owning a home is over.
“The issue is far more complex and without changes now, could have longer-run consequences,” CEDA chairman Rodney Maddock wrote in the report released on Tuesday.
Growing numbers of Australians are retiring without owning their own home, while lower-economic groups are forced to the regions or outskirts of cities with fewer transport and job options.
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