Owning your own home has long been seen as the ‘Australian dream’, but for many people it’s become a nightmare.
When the pandemic hit in 2020, there were fears the property market would collapse. Instead, house prices have risen at their fastest pace in at least three decades.
Some are taking on eye-watering amounts of debt to just get in, while others are priced out altogether. The property price boom is creating a financial divide between those who own property, and those who never will.
It is a generational divide too. Home ownership among Australians aged under 45 has plunged to levels not seen since the 1950s.
Four Corners investigates what’s driving Australia’s property frenzy.
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