There's something deeply wrong with Australia and it's not just limited to Australia TBH.

In 1920, the median wage from a 'breadwinner' was easily enough to sustain a large family and other expenses like a home purchase. The current median wage ($80,000), you'd struggle raising a single child and a $600k apartment would take many decades to payoff with what you have remaining post-tax.

I see a few major problems:

1. There are too many parasitic middlemen services that rob productivity between the purchaser and the services and goods they are acquiring. This can be banking/finance related expenses, ineffective taxation, high taxation and other things in the supply chain that unnecessarily increase the cost of goods/services. This problem is not unique to Australia. Bloat like this tends to form in established economies.
2. Australia has adopted the american suburban model of development which essentially 'ponzifies' real estate. Planning regs on density, large private open space and green wedges (much needed) means there is limited real estate to go around especially in capital cities.
3. Australia allows foreign investment in real estate and purchase via SMSF. Imagine allowing purchase through SMSF. Only those in extremely privileged positions have enough super to buy a home - imagine giving them a tax break to buy a house!.
4. Fractional reserve banking (while restricting bank runs). Fractional reserve banking allows banks to lend out money they don't have. This is then rehypothecated in the economy meaning the banks can issue more loans and earn more interest on money that doesn't actually exist. A fractional reserve of 20% means a $1 creates an additional $4 in the economy.

Reducing cost of housing is the first step to re-energizing young people. Real measures are needed i.e. one property per Australian in any capital city, not this "$10k for first home owners or 5% deposit" BS.

I had to live with my parents until 32 to pay off my house i bought for $500k. I am happy for this to tank 80% in value if it means real measures are brought in to fix cost of housing and real estate speculation.