What if we had a housing affordability crisis and nobody cared?

In 2007, federal Labor under Kevin Rudd swept to power in part by tapping into a deep vein of community concern about home affordability. Variable mortgage interest rates had hit an eye-wateringly high 9.5 per cent, while house prices - outside Sydney at least - continued their inexorable rise.

"Figures show 22 per cent of people own 55 per cent of homes."

A lot has changed since the global financial crisis hit Australian shores in late 2008. For the third of households who own property outright, the news has been good - homes have largely retained their value. For the third of households paying off a home loan, the news has been similarly positive - mortgage interest payments have fallen dramatically.

But for the forgotten third - renters or those looking to buy - the outlook remains grim. Once the mortgage belt's demand for lower interest rates was satisfied, concern about high prices for first-time buyers evaporated. House prices may have plateaued, but a new generation of young peoplestill cannot, and may never, afford to buy their own home.