It is considered key to economic security, the definition of success.

But in a new poll released on Monday, two in three people believe young Aussies will never be able to afford a home.

Most low and middle-income earners also feel like they are forever locked out of the property market.

“Young people and people on middle to low incomes have not given up on homeownership. Australia has given up on them,” said demographer Dr Liz Allen.

“For those aged 45 and under, that dream will never become a reality.”

In the last 30 years, house prices have increased by just over 7 per cent each year, while the average full-time salary has grown at just half that rate.

In Sydney, even after recent falls, the median house price is upwards of $1.2 million.

The price of property dictates where people live, the jobs they have, and whether they can afford children.

“As a result of increasing cost of housing, alongside increasing cost of living, Australians are not going to be able to realise their dreams of partnering, of having a family if they choose,” Dr Allen said.

“We are going to see housing affordability now ripple into the future into ways we have no concept of.”

In the 60s, homeownership was around 70 per cent. Today, only 35 per cent of people hold a mortgage, while more than 30 per cent rent.

“It is a landlord's haven, at the expense of renters,” Dr Allen said.

“We are denying generations of Australians to realise their dream in the land of fair go.”