The Elephant in the Room
The property podcast for the thinking person.

Episodes

Episode 390: What’s Really Causing the Housing Crisis in Australia? Peter Mares Breaks It Down

Is housing really unaffordable because we’re not building enough? Or is that just one part of a much bigger, more complicated story? In this episode, we sit down with Peter Mares, journalist, researcher, and author of No Place Like Home – to break down the real reasons why housing is unaffordable in Australia today.

Peter walks us through how decades of policy decisions, from tax incentives to the withdrawal of public housing investment, have created a system that prioritises wealth-building over stability. We talk about the deeper issues at play; like how negative gearing and capital gains tax concessions have distorted the market, and why treating housing as infrastructure could be a game-changer.

We also get into the cultural side of the problem. The obsession with homeownership, the underuse of housing stock, and the lack of medium-density options in the suburbs all play a role in keeping people locked out. And Peter doesn’t just point out what’s wrong, he offers grounded, practical ideas on what can actually shift.

If you’ve ever wondered why housing is unaffordable in Australia, beyond the headlines and hot takes, this conversation pulls back the curtain. It’s honest, insightful, and packed with the kind of context that’s so often missing from the national debate.

Episode Highlights:

00:00 - Introduction

04:14 - Should home ownership be the goal of housing policy?

06:09 - How has financialisation distorted our housing system?

10:39 - What are the key structural issues we keep avoiding?

14:18 - Can we even build enough housing with current capacity limits?

16:54 - What does it mean to treat housing as infrastructure?

19:03 - Can Singapore’s housing model teach Australia something?

21:23 - Should we rethink what the “ideal” Australian home looks like?

25:00 - Why aren’t people downsizing even when it makes sense?

27:04 - How does tax shape housing decisions?

32:51 - What’s changing behind the scenes at Treasury?

35:07 - Could new superannuation taxes push more money into housing?

39:06 - Is Labor too scared to touch housing tax reform again?

46:01 - Would a land tax instead of stamp duty really work?

50:35 - What got you interested in housing policy in the first place?

52:12 - What’s your take on current housing journalism?

54:53 - Peter Mares’ property dumbo

About Our Guest:

Peter Mares is an independent journalist, researcher, and public commentator best known for his book No Place Like Home: Repairing Australia’s Housing Crisis. He spent 25 years at the ABC—first as a foreign correspondent and later hosting national radio programs—before moving into urban policy and social issues. He held roles as an adjunct senior research fellow at Monash University, a Cities Fellow at the Grattan Institute, contributing editor for Inside Story, and lead moderator of the Cranlana Centre for Ethical Leadership.

Connect with Peter Mares:

Resources:

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Chris Bates