"Clearly the crisis in housing affordability is primarily a structural problem on the supply side, not a cyclical phenomenon, otherwise a recovery would already be under way.

"The situation requires a response from the three tiers of government in implementing policies to address the erosion in affordability."

It's getting harder and harder for young people to purchase a home in most metropolitan cities.

Not sure what the governments can do. Perhaps lowering stamp duty would be a start.

Housing affordability hits new record low | NEWS.com.au Business