Australia’s Generation Y care quite a lot about the housing market and some of them may know more than we give them credit for.
With housing affordability and potential changes to tax concessions proving key battlegrounds for the federal election campaign, we asked first-time voters which boxes they’ll be more likely to number on July 2.
We asked young Aussies how they see their future, whether they subscribe to the Great Australian Dream of buying a house, or if they are content to rent forever?
It turns out that millennials are difficult to stereotype; naturally some young adults couldn’t care less about buying a house, but others are feeling ripped off.
Andrew, 22, journalist
I live with my parents and pay board. Even though I work full time, my parents’ place is close to work so there’s no point moving out and spending more money on rent. At some stage I’d like to rent somewhere closer to the city. I’ve heard horror stories about how difficult it is to get into the market so I have no idea how it will go, although that would be a fair way down the track. Hopefully the parents might be kind enough to help out with a loan for a deposit when the time does come.
The main election issue I’m concerned about is the economy, housing issues won’t influence my vote much as I’m not looking to get into the property market yet.
Samarah, 20, education student
Is [negative gearing] buying a house or investment property to avoid tax or something? I don’t really know.
I definitely want to buy a house at some point in the future but I think I would have to move back to the country if I wanted to do that. I suppose, according to Malcolm Turnbull, I’ll have to ask my parents for a handout if I want to do that.
I’m pretty worried about my future and the possibility of even being able to live in the city I love. Renting is fine but I think in the long run I want a home I can call my own and facing a future where I won’t be able to own a home like my parents do is pretty upsetting.
Kenzie, 19, communications student
I feel like negative gearing has had a massive negative influence on the housing market, and I feel really quite annoyed about it because at the end of the day I probably won’t ever pay off a house or any type of property because of the climate the housing market is in. I think negative gearing should be scrapped, it’s really only available to investors, it’s kind of just a way for rich people to pay less money.
I’m renting in Wollongong. I’d love to be living in Sydney but being a uni student with limited money, renting in Sydney and living comfortably at the moment is out of the question.
Sebastian, 19, law student
I think negative gearing is a good concept that allows people to more easily invest in property. However, it has been so widely used that it now prevents ordinary people from accessing their first home. A party that will ensure negative gearing remains a viable option would be my preference in this election, because I have my own plans to invest.
If I was to purchase a house it would be best to invest money in a property located in a growing area, maybe somewhere on the new light rail line. I’d work hard to repay the loan through the rent on the property and with my own income, then use the capital in this property to invest again closer to Sydney.
Zac, 19, international studies student
I haven’t really thought about how I’d do it, but I’ve always assumed that I’d own a house someday. I do know that I wouldn’t want to move out of Sydney’s inner west where I live now. I guess I’m just enjoying the luxury of not having to think about buying a house yet.
I keep seeing that viral image that says: “Remember when we cried as kids and our parents said ‘I’ll give you something to cry about’? We thought they were going to hit us but instead they destroyed the housing market”, and I guess this sense of powerlessness is how most of us are feeling at the moment.
Dominic, 20, student and retail worker
I feel as if the market is being controlled by older people, however since I’m not actively trying to move out of home, it doesn’t bother me too much. I live at home, and don’t want to rent at the moment. I don’t want to buy a house for a while, so I haven’t put much thought into how I would do it.
I think there should be a means test for property tax concessions, so that those who can afford for the difference to be part of their taxable income shouldn’t be able to negative gear. I’m much more concerned about environment policy than housing policy.
Alex, 19, business student
I’m currently renting on campus in Melbourne, and it’s not exactly ideal. Experience wise, I’d say it’s great but financially, it’s not really sustainable. I’d love to be able to buy a house one day but at this stage I feel like I’ll unfortunately be renting forever.
The housing market at the moment is a nightmare. It scares me to think about the financial stress and how many challenges I’ll have to face just to get my first home. Affordable housing policies in the election will 100 per cent influence my vote.