Australia's prospective first-time buyers are being forced to stay in their childhood homes due to the worsening conditions in the country's property market, it has been suggested.
Young people in Queensland, Victoria and Western Australia are continuing to live with their parents for longer, in a move that is reversing a trend spanning the past 20 years, the Australian reports.
The Federal State of Australian Cities 2011 report, set to be released by infrastructure minister Anthony Albanese, has highlighted a pattern emerging in which homes contain more bedrooms but fewer people.
For this reason, the document states there is currently a shortfall of 200,000 new homes across Australia, with Sydney harbouring the brunt of this ongoing issue.
Matthew Quinn, chief executive of Stockland, said: "We need better cities for the people who live in them, for the people who work in them and for the people who depend on them."
This comes after the Queensland government stopped the federal government from gaining access to state-owned property under its digital satellite rollout programme, the Australian reported.
Posted by Ravin Chatlani
Young people in Queensland, Victoria and Western Australia are continuing to live with their parents for longer, in a move that is reversing a trend spanning the past 20 years, the Australian reports.
The Federal State of Australian Cities 2011 report, set to be released by infrastructure minister Anthony Albanese, has highlighted a pattern emerging in which homes contain more bedrooms but fewer people.
For this reason, the document states there is currently a shortfall of 200,000 new homes across Australia, with Sydney harbouring the brunt of this ongoing issue.
Matthew Quinn, chief executive of Stockland, said: "We need better cities for the people who live in them, for the people who work in them and for the people who depend on them."
This comes after the Queensland government stopped the federal government from gaining access to state-owned property under its digital satellite rollout programme, the Australian reported.
Posted by Ravin Chatlani
