November 6, 2009
Embargoed 11.30 am AEDT
80/2009
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.
More information can be found in Housing Occupancy and Costs, Australia, 2007–08 (cat.
Media Note: Please ensure when reporting on ABS data that you attribute the
Australian Bureau of Statistics (or the ABS) as the source.
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