Thousands give up on home ownership dream

The number of Australians entering the mortgage market has dropped considerably, showing a massive 25% drop for the most part of this year so far.  It’s no surprise that ever-growing petrol prices and painful interest rates have turned off thousands of potential home owners from getting into the housing market, who are now forced to remain in an increasingly tighter rental market.

It’s feared by experts that the flow on effect from our slowing construction industry will be devastating for employment.

Craig James, chief equities economist at CommSec says "The situation is unsustainable. More homes will need to be built to house our growing population"