The spiralling house prices have shattered the dreams of Australians about owning a home. That  has spelt the death of the great “Australian Dream.”

Unlike the American Dream, which is all about the pursuit of happiness, driven by the belief that anyone can make it big in the US, the core of the “Australian Dream” has been about owning a house.

Since 1910, Australians owned homes more than their peers in Britain or America. The pride of owning freestanding houses on quarter-acre blocks, backyards, and Hills Hoists set Aussies apart. Thus, home ownership is always entrenched in the Australian imagination.

However, the past two decades have let down the Australians. Soaring housing prices have shattered their dreams more than any time since 1880, according to the Australian Bureau of Statistics, reports The Guardian.

Now the dream of owning a house is practically over and the dream needs a new redefinition, it adds.

The worst affected had been Australians under 35, as the size of the average loan of a first-time buyer swelled more than 43 percent while wages increased only 10 percent. According to the Grattan Institute, Australian millennials are the first generation in the country’s recent history to be poorer than their parents.

Sydney leads in the surging property values.  The harbour city is pricier than New York and San Francisco. Now, wanting to buy a house in Sydney means heading to the outskirts such as Liverpool (20 miles from Sydney), Werrington (30 miles) or Spring Farm (37 miles).

According to analysts, two things will eventually happen – either property prices fall or incomes catch up with prices.  Meanwhile, a new report said Australia will have an oversupply of housing in 2017. It will be the first time in a decade.  But even this good news excludes Sydney.

This will be the fall-out of the building boom in most capital cities with 24,000 more homes in excess, according to the Building Industry Prospects report by BIS Shrapnel, reports

BIS Shrapnel managing director Robert Mellor warned that Sydney home buyers should not be excited.

“We are moving into a period where by June 2017, every capital city will have some oversupply other than Sydney,” Robert said.