Young homebuyers still left on the fringes

Press/Media: Article/Feature

Description

The announcement by the Australian Prudential Regulation Authority (APRA) to tighten the requirements for home loans means getting a mortgage will be more difficult - particularly for some investors and new home buyers.  While there are prudent reasons for this move (e.g. so  “borrowers are well-equipped to service their debts under a range of scenarios”, such as run-away house prices and potentially rising interest rates), it takes place within the accelerating erosion of young people's access to affordable housing. With the next Australian federal election due in six months, housing accessibility will be on the minds of many young voters. A recent survey found that 74% of respondents aged 18-24 think owning a home is not an option anymore for most young Australians. This issue is one of stark inequality.  

Period11 Oct 2021

Media contributions

1

Media contributions

  • TitleYoung homebuyers still left on the fringes
    Media name/outletHerald Sun
    Media typePrint
    CountryAustralia
    Date11/10/21
    DescriptionThe announcement by the Australian Prudential Regulation Authority (APRA) to tighten the requirements for home loans means getting a mortgage will be more difficult - particularly for some investors and new home buyers. While there are prudent reasons for this move (e.g. so “borrowers are well-equipped to service their debts under a range of scenarios”, such as run-away house prices and potentially rising interest rates), it takes place within the accelerating erosion of young people's access to affordable housing. With the next Australian federal election due in the next six months, housing accessibility will be on the minds of many young voters. A recent survey found that 74% of respondents aged 18-24 think owning a home is not an option anymore for most young Australians. This issue is one of stark inequality.
    PersonsBeatriz Gallo Cordoba, Lucas Walsh

Keywords

  • Home ownership
  • Housing
  • Financial literacy
  • young people
  • APRA
  • Housing crisis
  • CYPEP
  • Youth
  • Australia