 | MEDIA RELEASE | |
| October 31, 2007 | Embargoed 11.30 am (AEDT) | 113/2007 |
Housing occupancy and costs
The number of homes that are owned outright by their occupants has decreased over the last decade, according to a report released today by the Australian Bureau of Statistics (ABS).
In 2005-06, just over a third (34%) of homes were owned outright by their occupants - down from 42% in 1994-95. Over the same time, the proportion of homes owned with a mortgage increased from 30% to 35%.
Main findings
- In 2005–06, there were more people in private dwellings (up 13%) than in 1994-95, but the average household size decreased by 7%
- In 2005-06 most (78%) houses had more bedrooms than required
- The proportion of gross household income required to meet housing costs increased from 12% to 14%
- Sydney had the highest housing costs in Australia - for private renters, Sydney's costs averaged $294 per week, followed by Canberra ($280) and Darwin ($259).
- For owners with a mortgage, Sydney's housing costs averaged $443 per week, followed by Canberra ($343) and Brisbane ($338).
- The median value of owner occupied dwellings rose from $186,000 to $350,000 - up 88% between 1994-95 and 2005-06.
- Sydney's home owners had the highest median dwelling value ($500,000), while Hobart's had the lowest ($262,000).
First home buyers
- First home buyers with a mortgage were generally young, couple families with two incomes.
- First home buyers with a mortgage had an average household income of $1,544 per week in 2005-06, 18% higher than the average for all households.
- One in four (25%) first home buyers with a mortgage purchased medium and high density housing in 2005-06, up from 15% in 1995-96.
More information can be found in
Housing Occupancy and Costs, Australia, 2005-06(cat. no. 4130.0.55.001).
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