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The government hopes reforms will help young people enter the market, while critics say it will stifle supply.
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But he's already despairing about his future housing prospects.
Amid near constant headlines about Australia's deepening housing crisis, the Adelaide student began worrying about what the future might look like for his generation.
Armed with Google and a calculator, Sebastian was shocked to find that, if the current trajectory of house prices and wage growth continues, by the time he graduates from university the average house in his city will be 17 times his likely income.
"It's really sad to see how this issue is affecting the present generation's views on what Australia is - how their life should go," he told the BBC.
While there's no dispute that Australia is in a housing crisis, solutions to it have divided the nation and paralysed politics for over a decade.
Now the government is promising a polarising reform, scrapping lucrative tax breaks which it says will help tackle the intergenerational inequality which has come to define the market.
Critics argue it could stifle the investment Australia needs to build more houses and could worsen the plight of renters. Others say the rule changes unfairly threaten the wealth they've spent their lives toiling for.
But many younger Australians like Sebastian argue the social contract that hard work is rewarded has long been broken anyway.
They feel they have been denied the kinds of opportunities their parents enjoyed, and hope the changes will begin rebalancing the playing field and bring housing security back in reach for future generations.
Australia has some of the least affordable cities on Earth. The average property now costs almost 10 times an ordinary household's income, quadruple what it was about 25 years ago, and rents have doubled over a similar period.
The simple
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