Research by mortgage company, ME Bank, shows there is strong support for action to improve housing affordability, especially for first-home buyers.

A survey of 1,500 Australian households, conducted by DBM Consultants in December 2015, showed that 76% agreed that the federal government should be taking action to make housing more affordable for first home buyers.

The results were compared with the outcomes of the same survey conducted in June 2015. Support for government action rose 3 percentage points during the six-month period.

A total of 76% agreed the government should do more to encourage construction of lower-cost housing, and 61% agreed the government should adjust tax settings to deliver less support to property investors. Perhaps surprisingly, 42% of property investors agreed the government should change tax settings to deliver less support to property investors.

ME CEO Jamie McPhee said the long-term wealth creation of property was increasingly unavailable to younger generations.

"We see the impact a lack of access is having on younger generations' sense of financial wellbeing, which is falling behind the financial wellbeing of older Australian," he said.

"Property is an important wealth generator and the inequities in accessing housing should be tackled.

"Australia's current tax arrangements are contributing to the problem by advantaging investors over first home buyers and they should be addressed within a broader review of our taxation system.

"That 70% of property investors agree something should be done and 42% agree tax concessions for property investors should be changed, shows reforms would receive wide support," he said.

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