Labor’s policy failures are “failing” young Australians, pushing house prices beyond the reach of first-time buyers, according to a Conservative campaigner.
Menzies Research Center director Freya Leach said Prime Minister Anthony Albanese’s promise to build 1.2 million new homes by 2029 was a drop in the bucket when the country is letting in half a million migrants a year. .
The resulting housing shortage has made Australia’s property prices among the highest in the world.
While that benefits politicians who point to the resulting increase in GDP – and who benefit personally as multiple property owners – it has left many young Australians in a desperate situation.
Leach said the government must build many more homes than 1.2 million over five years or reduce the rate of migration.
‘I’m a YIMBY, I build more houses. Let’s do it, let’s put it in my backyard,” he told Sky News. The judge.
‘But at the same time, I don’t think we can ignore the reality that our migration levels are the highest they have ever been, while approvals are at the lowest level in a decade.
“For every house we are currently building, we receive four new immigrants.”
Freya Leach, director of youth policy at the Menzies Research Centre, said the supply of new homes could not meet growing demand, with a record 518,000 people emigrating to Australia in the 2022-23 financial year.
Prime Minister Anthony Albanese has committed to building 1.2 million new homes by 2029 in response to worsening housing affordability in the country.
YIMBY stands for “Yes in My Backyard” and refers to housing activists who support city growth and increased housing. It was a contradiction to the well-known NIMBYs who reflexively oppose all development in their neighborhoods.
Ms Leach understood why many young Australians were giving up on home ownership, as they were unable or unwilling to sacrifice all their disposable income and resulting life experience to pay off massive mortgages.
“I think it’s very difficult for first-home buyers at the moment – in fact I’m one of them and I’m thinking about buying my first apartment,” Ms Leach said.
‘It’s incredibly difficult, I have first-hand experience.
‘I just don’t think we should (give up) because there are so many benefits that come with being a homeowner. It gives you that security to settle down, to start a family.
‘It also gives you security during retirement. The long-term financial and personal benefits of home ownership are immense and I think, as a result, it’s something we should continue to strive for.’
During another appearance on Sky News’ The Showdown, Ms Leach slammed the “irresponsible” Albanian government.
‘Approvals are at their lowest level in a decade, so houses are not being built. Rents have risen 26 percent since Albo came to government,” he stated.
‘It is totally reckless and irresponsible for Albo to bring in 125,000 people in just one month and not provide any infrastructure or any of the housing necessary to truly meet the needs of these people.
‘And it’s failing young Australians like me.
Ms Leach said for every new house built, four new migrants were arriving in Australia, meaning the government was unable to provide adequate infrastructure.
‘I’m trying to buy an apartment right now. How do you think that goes? It’s not going anywhere. It’s basically impossible.
‘And I’m not picky, I just want the minimum. If you are a first-time home buyer, a young person, it is extremely difficult. I think this is another challenge that the Labor Party will face with young people.
‘We are totally fed up with this government prioritizing everyone else in this economy besides young people, assuming they are going to go to these polls and blindly vote for the left.
“I don’t think this is going to happen in the next election and I think people are realizing that the Labor Party is not here for them.”
Leach is president of the Sydney University Conservative Club and was the Liberal candidate for Balmain, in western Sydney, in 2023.