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Fewer Australians own their homes outright: ABS
The proportion of homes that are owned outright by their occupants has dropped, according to a report released today by the Australian Bureau of Statistics (ABS).
In 2007–08, one-third (33%) of all homes were owned outright by their occupants, which is down from 42% in 1994–95; over the same time, the proportion of homes owned with a mortgage increased from 30% to 35%.
The proportion of households renting their home increased to 30% in 2007–08 - up from 26% in 1994–95.
Over the same period, the amount owing on housing mortgages almost doubled - to a median value of $150,000 per household. This is consistent with the doubling in home values with the median now $400,000.
Owners with a mortgage spent an average of $384 per week on housing-related mortgage payments in 2007-08, or 18% of their gross household income.
Sydney's home owners had the highest median dwelling value ($550,000), followed by Perth ($520,000), Canberra and Brisbane (both $400,000).
Private renters spent an average of $267 per week on rent payments in 2007–08, or 18% of their gross household income. Canberra had the highest private rents, averaging $337 per week, followed by Sydney ($327) and Darwin ($305).
First home buyers
In 2007–08, twice the proportion of first home buyers with a mortgage lived in medium and high density housing than in 1995–96 (29% versus 15%). The proportion buying newly constructed homes, rather than established dwellings, fell from 23% in 1995–96 to 9% in 2007–08.
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