Why has the housing ladder stopped moving?

For generations, Australia’s housing system followed a reasonably predictable path.

Young adults left home, rented, partnered, bought something modest, raised a family and eventually moved into something smaller.

That housing conveyor belt is now slowing at both ends.

Young Australians are remaining in the family home longer, while their parents and grandparents are staying in larger homes well beyond the traditional retirement years.

Each decision makes sense at an individual level.

But collectively, they mean fewer households forming, fewer family homes turning over and more generations competing for the same limited housing stock.

Behind the paywall, I unpack the numbers, the demographic shift and what this growing household squeeze means for housing demand and turnover.