Ownership rates for young people declined as a result, because many people wait to settle down before they buy a home. By saying this, I’m not suggesting that people should not worry about whether households can achieve their desired housing tenure.
I am suggesting that the situation is more complex than would be suggested by a single-minded focus on a single metric of affordability, such as median housing prices. Much of the commentary around the difficulty of achieving home ownership centres on the task of accumulating the deposit. It seems common to assume that everyone needs a 20 per cent deposit when they first buy.