The death knell has been sounded for the Australian dream of home ownership following a troubling report on housing supply.
The Property Council of Australia has pointed to a report from the National Housing Supply Council as evidence that the "dream of buying a home is quickly fading" for many Australians.
The NHSC report found a high level of pent-up demand for affordable housing, and said affordability pressures are pusing a "marked increase" in the number of young adults living in the parental home.
"As time progresses, it now seems certain that the aggregate rate of home ownership will drop and the proportion renting will increase significantly," the report said.
Residential Development Council executive director Caryn Kakas said the report signalled a troubling shift.