Research from one of the nation's peak property associations has warned soaring house prices is top of mind for voters ahead of the federal election.
According to a new survey from the Property Council of Australia, more than 70 per cent of voters are fearful younger Australians will not be able to buy a house due to rising prices outstripping the ability to gain a mortgage deposit.
The report also noted 90 per cent of respondents trying to get into the property market were concerned about housing affordability and flagged it would be key issue that could influence a vote at May federal election.
Property Council chief executive Ken Morrison said both major political parties need address the looming housing crisis.
"Our research shows four out of every five aspiring homeowners actually believe the dream of home ownership is unachievable, which you'd have to say is incredibly disheartening," he said.
"This data paints a pretty sad state of affairs. Australians deserve better and the campaign we are launching today aims to send a message that we need action from all our political leaders to work with industry to deal with the situation."
A National Housing Finance and Investment Corporation report published in February also highlighted it had become harder for first home buyers to enter the housing market.
Surging price rise have been spurred on by record low interest rates which has pushed up demand in both metropolitan and regional areas.
Prices have also been influenced by material shortages and supply constraints during the pandemic.
The Reserve Bank has previously flagged loan serviceability has relatively remained the same but conceded the deposit threshold had become a bigger hurdle as a result of higher prices.
Westpac has flagged it expects the Australian property market to fall 14 per cent by the end of 2024.
The Property Council's survey found 73 per cent of respondents believed the commonwealth needed to work with state and territory governments to increase housing supply.
"The [federal] government's official forecasts show national housing supply is set to fall by around 35 per cent right at a time that our population growth will be rebounding," Mr Morrison said.
"As a country we need to get better at bringing on the new housing that our growing communities need. There is no single silver bullet and every level of government has a role to play here."
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