Australian government lacks plan for housing affordability crisis

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Experts have warned that the Australian government lacks a sufficient plan to deal with the current housing affordability crisis.

Despite original concerns that housing prices would fall due to COVID-19, Australia-wide housing values have gone up 20 per cent over the past 12 month at the strongest annual growth rate in about 31 years.

With housing prices rapidly increasing, many young Australians have settled with less than satisfactory properties due to fear they will “miss out” if they don’t buy now.

Others have been locked out of the property market all together with government incentives favouring investors over first-time home buyers.

Produced By: Sophie Bennett

Featured In Story: Saul Eslake, Australia’s leading economist, Adrian Kelly, Real Estate Institute of Australia President, and Lauren Schroeder, first-time home buyer

First aired on The Wire, Tuesday 2 November 2021