Housing prices have a proven power to spark a conversation over a kitchen table or a barbecue, so it will be no surprise if they shift the federal election result in May.

Scott Morrison and Bill Shorten are asking Australians to take sides on the dream of home ownership. Each has a different concept of fairness. Each has an entirely different voter in mind.

This is generational. The anxiety about housing affordability is sharpest among younger Australians who feel shut out of the market. It is not limited to this cohort, because parents and grandparents also feel the frustration of those who cannot buy their own homes, but it is elemental to the election campaign.

Labor has tapped into this anxiety with astonishing force. Shorten announced his policy to scale back tax breaks on negative gearing and capital gains in early 2016. He estimated this would generate $32.1 billion in tax revenue over a decade.