Great Australian dream: ‘Alarming’ drop in millennial home ownership

With a lengthy period of slow economic growth on the horizon, it’s expected millions of Australians will never enter the housing market.

In 1971, 64 per cent of 30 to 34-year-olds owned their own house. In 2021, that figure was 50 per cent.

Neil Mitchell says it’s an “alarming drop”.

Press PLAY below to hear what’s driving plummeting home ownership

Kos Samaras from Red Bridge Group, which conducts social research and polling, says the great Australian dream is dead for an “increasing proportion” of millennials.

“We surveyed Melbourne renters and about two-thirds of them could not afford a property beyond $600,000,” he told Neil Mitchell.