While generations past have sung about war, wages and peace, Melbourne singer-songwriter Courtney Barnett has penned a song about the Australian housing bubble.

‘Depreston’ is inspired by the lack of affordability in Melbourne’s mid-ring suburb Preston, with many of Ms Barnett’s struggling to find homes within 20kms of the city’s CBD.

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Depreston’ is not just about Melbourne though, with Barnett also singing about the frustration of all first home buyers not being able to break into the housing market, Fairfax reports.

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“You say we should look out further, I guess it wouldn’t hurt us. We don’t have to be around all these coffee shops,” she sings.

“No we’ve got that percolator, never made a latte greater.

“I’m saving $23 a week.”

Australia is in the midst of rising real estate values, with the problem so concerning the Reserve Bank this week held off on lowering the official cash rate because of Sydney’s growing prices, despite the slowing economy.

Barnett told Fairfax “feeling safe” means having somewhere to live, but the current climate makes this a difficult achievement.

“I would never be in a position where I could buy a house, I don’t think. I have never been in that sort of position financially at all,” she said in the interview.

The song has struck a chord with her fans,with almost 35,000 views on YouTube and over 2,000 likes on Facebook since she put it online on Tuesday.