Why the Aussie property dream is fading fast

The great Australian dream of owning your own property is becoming even more unattainable than ever.

By the end of next year less than half of all Australian adults will own their own property, according to a recent Melbourne Institute report.

Also read: Aussie property prices bounce back

Figures show the great Australian dream of owning a home is slipping out of reach with over half of all Aussies expected to own a home in the next few years – 51.7% of Australians own a home, down from 57% 14 years ago.

The skyrocketing cost of real estate is putting pressure on the younger generations while older generations are benefitting from the large increases in house value.

The elderly are the wealthiest households in the country, while lone parents are the least wealthy.

“There’s one single factor, and its house prices – since 2001 we have had house price increases of over 90% in real terms,” University of Melbourne professor and report author Rodger Wilkins said.

Also read: Are cracks starting to appear in Australia’s property market?

Now parents using childcare are paying more than double the fees than those in 2002, despite 25% of parents relying on grandparents for babysitting.

The report also revealed the battle of the sexes continues – men are still being paid more than women, they exercise more and they get more sleep.