PHOTO: Young people have unrealistic expectations when it comes to taking their first steps into the housing market, experts say. Photo: Stocksy
Many young Australians show “blind optimism” when it comes to home ownership despite worsening affordability and stagnant wages, a new report shows.
And more young people are being priced out of the opportunity to rent a home by themselves, turning instead to shared housing or living with their parents into their 30s.
It comes as property markets around the country are starting to pick up in the wake of the federal election and two interest rate cuts, with prices not having fallen far enough for many first-home hopefuls to break into the market. Meanwhile, wages growth is falling short of Reserve Bank targets, official figures show.
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