How Housing Became the Third Rail of Australian Politics

Marcus Neil bought his first home, on the outskirts of Brisbane, Australia, in his late teens with little money and financial know-how but a strong sense that he was working toward future stability. Decades later, he owns four investment properties, which he hopes will be his safety net when he retires.

“I just see it as a really, really safe bet,” said Mr. Neil, 53.

He has been on the money. Australia is now one of the most expensive places in the world to own a home.

But the sky-high values have priced many people out of the housing market and caused an affordability crisis, particularly for younger Australians. They have been exasperated by statistics like the one that shows the typical Australian home costs about eight times the median income — making it a more expensive real estate market than New York’s. These citizens have a chance to demand change on Saturday, when Australians head to the voting booth.

For the first time here, millennials and Gen Z voters will outnumber baby boomers in a federal election. But it is unclear to what extent this demographic change will sway results. Recent polls indicate Prime Minister Anthony Albanese is likely to win re-election. The opposition leader, Peter Dutton, whose campaign took cues from President Trump, has seen his support fall as Mr. Trump’s policies have unleashed global tumult.

As far as the property market goes, there is little will for large-scale change. Two-thirds of Australians are homeowners, and about 20 percent of the population owns more than one property, according to government statistics. That makes them a powerful voting bloc that is generally opposed to changes that could damage property values. Indeed, the policy proposals from the two major political parties, many economists say, are likely to drive prices even higher.