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The Australian dream died alone in an apartment

The Australian dream died alone in an apartment

Sydney : For people in the US, the American Dream is a vision of broadly shared prosperity, freedom and opportunity. Xi Jinping’s Chinese Dream focuses on rising incomes and national renewal.

Australians once had a simpler aspiration: owning a detached suburban home on a quarter-acre of land. That vision died a while ago.

Back in the 1980s, single-family detached homes comprised about three-quarters of building approvals, and even through the 1990s and 2000s the proportion was still around two-thirds.

Since then, it’s plummeted to less than half, with high-rises taking up an increasing share of Australia’s traditionally single-story skylines.

In many ways, that splurge of building has been a boon for a country where housing construction has rarely kept up with population growth.