Dreams of home ownership dying

by Adam Smith04 Mar 2013
"The forecast increase in the proportion of households renting signifies the death of the great Australian dream of home ownership for many Australians," Kakas said.

The HIA echoed Kakas' remarks, saying that housing would continue to become less affordable without government intervention. HIA chief executive of industry policy and media Graham Wolfe argued that a dwindling supply of affordable housing would have flow-on social effects.
"If future generations of Australians give up the dream of home ownership and this is not matched with a substantial increase in private or public investment in housing, rental costs will increase beyond the means of many Australians, placing enormous pressure public housing waiting lists and the welfare system," he said.

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