Add to that the fact that up to a million homes have three or more bedrooms than the owner requires and you can see why UNSW urban policy expert Hal Pawson describes the "gross under-occupation" of houses across Australia as "cruel and immoral".

Some of society's swelling sympathy for first home buyers and the housing have-nots has translated into action, with housing affordability packages from both the federal and NSW governments this year.

The federal government has introduced a scheme that lets first home buyers use up to $30,000 of their voluntary super contributions as a deposit on a home.

NSW has brought in exemptions and discounts on stamp duty for first time buyers of homes worth up to $800,000, among other measures.

But subsidies that apply to all first home buyers get built into the prices and also fuel demand. The people who get the benefit are those selling the homes first home buyers want.

It's also mixed news for the housing have-nots that the Reserve Bank of Australia wants to boost the cash rate from the current 1.5 per cent to 3.5 per cent, eventually.

That's the neutral, so-called "Goldilocks" rate where the RBA thinks the economy can expand at a desired rate without generating inflation.

It suggests the bank doesn't expect a housing crash any time soon (bad luck for first home buyers) and is consistent with our expectation of a long period of house price stagnation instead (not bad for first home buyers).

House prices will keep rising as long as demand outstrips supply.

Making better use of empty houses is one way to narrow the gap. That's why the Victorian government is bringing in a tax on houses left vacant for more than a total of six months in a year.

The federal government, too, will charge foreign buyers $5000 on properties left empty for more than six months.

Despite what they may say, though, our politicians care a lot more for the feelings of the people who already own houses because they greatly outnumber the ones who don't.