One affected individual, Mitchell, a 26-year-old IT professional, has witnessed a dramatic increase in property prices that have dashed his dreams of homeownership in areas he once hoped to settle. His experience reflects a broader frustration, as he criticises current housing policies for exacerbating price inflation while undermining retirement security for young Australians.
The proposal by the Coalition government to allow first-time buyers to access up to $50,000 of their superannuation for a deposit has been met with widespread disapproval. A survey conducted by advocacy group Everybody's Home revealed that 76% of respondents believe this policy would not only fail to alleviate the crisis but also lead to inflated house prices, further impacting accessibility.
Everybody's Home spokesperson Maiy Azize argues that the so-called ‘Super for Housing’ policy could indeed escalate the already overheated housing market, depriving individuals of significant retirement savings without addressing the underlying shortage of affordable homes. She emphasises the need for structural reform, such as increased investment in social housing and renter protections, over policies that benefit only a selective group.
The academic community echoes these sentiments, warning that increased demand could push housing prices up by 7% to 10%, a view supported by research from the University of South Australia. Critics call for genuine commitment from both political parties to implement policies that genuinely support the housing market rather than offering temporary fixes.
In response to concerns, Opposition Leader Peter Dutton has proposed a supply-side policy aiming to build 500,000 new homes by investing in essential infrastructure and training 400,000 new apprentices, alongside measures to reduce immigration. However, many remain sceptical about whether such initiatives would materialise and effectively tackle the affordability crisis.
Mitchell advocates for thinking beyond short-term solutions and urges policymakers to consider future generations’ access to homeownership, ensuring that the Australian dream remains attainable for all.
