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BRISBANE - Property experts have offered a bleak picture for Australia's youth, with only one in 14 believing members of Generation Y will ever be able to buy their own home.
A survey by the Residential Development Council (RDC) released today showed only seven per cent of industry insiders believed Generation Y - those born between 1978 and 1998 - would be able to overcome surging house prices and land shortages to buy their own family home.
More than 40 per cent believed members of Generation Y would be forced to continue living with parents before being forced to rent or live in share accommodation.
RDC executive director Ross Elliott said the decline in housing affordability was going to hit Generation Y hard.
"The earlier generations have already got a toehold in the property market but it is these younger Generation Ys who are really going to suffer," Mr Elliott said.
"When you have only one in 14 experts in the property industry - whose job it is to spot trends in the sector - thinking that Generation Y will own their own homes, you know you are in trouble."
- AAP
