Home ownership continues to fall in Australia. Data released yesterday, 17 July 2019, from the ABS shows that home ownership is at its lowest rate since they started recording this data back in 1994. Almost one third (32%) of Australian households rented their home in 2017–18, an increase from 30% in 2015–16. Around two thirds (66%) of Australian households owned their own home with or without a mortgage, a decrease from 68% in 2015–16.
Over the past two decades, from 1997–98 to 2017–18, the percentage of Australian households that own their own home without a mortgage decreased from 40% to 30%. Households with a mortgage have increased from 31% to 37%.
The percentage of households that rent their home from a private landlord increased from 20% to 27%, whereas the percentage of those that rent from a state or territory housing authority has halved, falling from 6% to 3%.
Over the past two decades, housing costs (adjusted for inflation) have increased by 40% for home owners with a mortgage. Their average housing costs are now $484 per week. For private renters, costs have increased by 51% to $399 per week. For public tenants, costs have increased by 52% to $158 per week. Even home owners without a mortgage are spending more with costs increasing 51% to $53 per week.
Average housing costs were not uniform across Australia, however. Tasmanians and South Australians had the cheapest housing costs at $207 and $239 respectively. The most expensive parts of Australia were the two territories, with the Northern Territory being the most expensive at $394, and the ACT coming in second at $337.
One in five (20%) of Australian households owned a residential property other than their usual residence in 2017–18. Of those 1.86 million households, almost three quarters (71%) owned a single property, while one in twenty (5%) owned four or more properties.
The average number of people per household has gradually declined to 2.6 in 2017–18, however, the average numbers of bedrooms per dwelling has increased to about 3.2. That equates to more than three quarters (79%) of households having at least one bedroom spare.
Anyway, that’s the key housing data coming out of the ABS. In conclusion: Home ownership is falling; Renting is increasing; The number of households with a mortgage is going up; Housing costs are rising (for all tenure types, adjusted for inflation); The number of people per household is falling; and our houses are getting bigger.
More debt. More renters. More costs. What’s not to love about the housing market in Australia?
MUSIC
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