Do you have the Great Australian Dream? A quarter acre block, house with a big backyard for the kids and room for backyard cricket, a BBQ and maybe even a pool? If you do, lucky you. You are in the decreasing percentage of Australians able to say this in major cities.
This dream is becoming harder to achieve in many many ways. Even though Australia is huge, we like to live around the coast and in major cities. With Australia’s population increasing rapidly and the supply decreasing, development applications decreasing, banks tightening developers purse strings all lead to a shortage in supply, meaning property will continue to increase in price. Think it’s hard for people to get into the property market now? What will it take to buy in another 10 to 20 years. Where will everyone live? What sort of property will they live in? Will they be able to afford any property at all in the same way that we can at the moment? Will investors play a major part in the property market instead of home owners?
Australia’s urban sprawl is widening to try and keep up with the increasing population. Some council areas are allowing a lot of multi levelled dwellings be built where single houses use to stand. Entrepreneurs are splitting larger Great Australian Dream blocks of land into 2 smaller blocks, so that 2 families can have their part of the dream, just a smaller part. Developers are building wherever the council and the banks will allow them to build, however much smaller properties. All of this points to the Great Australian Dream disappearing.
What can we do?
Will the children of today be able to buy a Great Australian Dream? I hope so, but I doubt so.
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