As we head towards the next federal election, a major shift is underway.

And it’s being driven by a generation increasingly shut out of home ownership.

For young Australians, housing affordability is no longer just a personal struggle, it’s become a political deal-breaker.

A recent survey by Money.com.au uncovered something that seasoned political analysts might not have expected: for Gen Z and Millennials, housing stress has overtaken traditional issues like jobs, superannuation, energy, and even healthcare as a key election concern.

And frankly, it’s no surprise.

Since the last election in 2022, rents have risen 18.2%, while new dwelling prices have jumped 14.1%.

Both outpacing inflation and wages, which have grown by only 10.8% and 10.6% respectively.

That’s a brutal equation for young Australians who are renting now and still hoping to one day buy a home.

While older Australians still tend to prioritise healthcare, younger Australians are increasingly viewing the housing crisis as the defining issue of their economic future.

According to the survey, 17% of Gen Z and Millennials say housing affordability is their top concern after cost of living pressures.

Another 11% of Gen Z and 8% of Millennials cite rental affordability as a major issue.

This is a demographic that’s not just frustrated, they’re mobilising.

Nearly one-third of under-40s are renting, and interestingly, 13% of them plan to buy a home this year.

That level of ambition in the face of such market pressure is revealing.

These aren’t just statistics.

They’re signals of a brewing generational shift in how property and politics intersect.

Time for policy to catch up

Mansour Soltani, Property Expert at Money.com.au, summed it up well:

“For younger Australians in particular, housing affordability concerns may include expectations for more first-home buyer support and more flexible lending rules, like how lenders assess student loans or lowering the 3% serviceability buffer for first-home buyers.”

He also flagged that there’s growing interest in alternative pathways to ownership — options that reduce upfront costs like deposits and Lenders Mortgage Insurance (LMI).

We’re seeing more appetite for shared equity schemes, rent-to-own models, and even co-buying strategies among friends and family.

This aligns with what we’re hearing at Metropole — young Aussies are more financially literate and more open to creative pathways than ever before.

But they’re hitting structural walls.

Rental stress isn’t just about affordability — it’s about power

On the rental front, Soltani notes concerns are shifting towards tenant protections and supply-side solutions:

“Rent affordability concerns generally focus on tighter rental caps, increasing the supply of rental properties, and stronger protections for tenants, especially in high-demand metro areas.”

And he’s right.

Rental markets in Sydney, Brisbane, and Melbourne are intensely competitive.

And the power imbalance between landlords and tenants is stronger than ever.

Let’s be clear: as property investors, we need to be part of the solution.

That doesn’t mean abandoning returns.

It means understanding that stable, secure tenancies and long-term affordability are good for everyone in the system.

What this means for investors and policymakers

This survey should be a wake-up call.

Housing affordability is no longer just an economic or planning issue, it’s a cultural and political one.

We’re seeing a new generation of Australians who feel left out of the Great Australian Dream.

And they’re not just feeling the pinch, they’re going to the ballot box with it.

If policymakers want to win over the next generation of voters, housing policy needs to move beyond band-aid grants and tax tweaks.

What’s needed is long-term thinking — planning reform, infrastructure investment, better rental market regulation, and yes, revisiting outdated lending rules that don’t reflect the realities of younger borrowers.

As I’ve often said, property is a long game.

But for this generation, the starting line feels like it’s moving further and further away.

And unless that changes, housing will keep rising in the ranks of our nation’s most urgent political issues.

About Aska Soo
Aska is a passionate and driven professional with many years of experience as a property consultant helping clients achieve their financial goals through property acquisition. She has consulted clients around Australia by reviewing, educating, and advising clients about their financial situation and what they need to achieve their end goal of being financially free.