I’ve mentioned before the skyrocketing costs of housing, and we hear so often about how an entire generation could be locked out of home ownership.
But is it actually that bad?
According to the Australian Bureau of Statistics, the average Australian now requires more than $100,000 for a twenty percent deposit on a home.
We know that a hundred large on the EP will get you well and truly on your way to home ownership, but what of those people who live in capital cities?
There’s been complaints recently that Adelaide is becoming unaffordable, and that pales into comparison with my hometown.
Naturally, because people can’t travel abroad right now, or even interstate in some cases, they have opted to put money into real estate.
But will that make even investment properties unaffordable?
How long until we see a housing boom on the EP? IMAGE: Canva
Are we headed for a new expansion in home building?
Which brings me to the idea of building more homes in regional areas.
I’ve touched on the notion of what is a high rise before, but are we headed for what is called urban consolidation, with unit blocks on the Lower EP?
Or are we going to see more sprawling housing estates?
I wonder how high the demand for housing will go before we start seeing huge development claims on the EP.
We keep hearing about how Port Lincoln Council wants to truly become a city, and Franklin Harbour Council Mayor Robert Walsh chatted with me yesterday about how small councils work better.
But is exponential property growth just a matter of time?
Knowing that housing was already unaffordable, is it really right to refuse to build more housing given younger people already struggle to get into the market?
I think we might be in for a rude shock over the next few years on the Lower EP.