The dream of home ownership is becoming increasingly out of reach of most Australians, claims one industry body.
The Property Council of Australia has pointed to a report from the National Housing Supply Council as evidence that the "dream of buying a home is quickly fading" for many Australians.
The NHSC report found a high level of pent-up demand for affordable housing, and said affordability pressures are pushing a "marked increase" in the number of young adults living in the parental home.
"As time progresses, it now seems certain that the aggregate rate of home ownership will drop and the proportion renting will increase significantly," the report said.
Residential Development Council executive director Caryn Kakas said the report signalled a troubling shift.
"The forecast increase in the proportion of households renting signifies the death of the great Australian dream of home ownership for many Australians," Kakas said.
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