In 2019–20: Two thirds (66%) of Australian households owned their own home with or without a mortgage. This was consistent with ownership in 2017–18 (66%). Almost one third (31%) of Australian households rented their home in 2019–20, a decrease from 32% in 2017–18.
This line graph shows that the proportion of owners with a mortgage increased from about 30% in 1994–95 to 37% in 2019–20. This line graph shows that the proportion of renters renting from private landlords increased from about 18% in 1994–95 to 26% in 2019–20.
Between the 2016 census and this census in 2021, the share of Australians owning their homes remained steady at about 66%. The proportion renting also changed little, climbing from 30% to 30.6%.
The number of suburbs where it's cheaper to buy than rent has been slashed in the past year, due to a record number of rate hikes that have outpaced skyrocketing rents.
Outright home ownership
30% of households own a home without a mortgage (down from 39% in 1999-00) 37% of households own a home with a mortgage (up from 32% in 1999-00)
The 2021 Census reveals that 10.1 per cent (1,043,776 homes) of Australia's 10,318,997 private dwellings were unoccupied on the night of the Census.
The data show the median household had a net worth of $579,200 in 2019-20. This figure captures the total value of assets such as real estate, shares and superannuation, and deducts a household's liabilities such as credit card debt and home loans.
The potential tax benefits and wealth generation make real estate an attractive investment option for many Australians, but it is not without any drawbacks. If done right, investing in property can be an effective way to build wealth and secure your financial future.
Analysts say open borders and increased migration have driven demand for real estate – and increases in rental prices. What matters for rents, as for any price, is the demand for and the supply of the product being priced. More demand (more renters wanting properties) and the price climbs.
Sales Price: If the properties in your area are going through a slump period or you expect the property prices to rise in the near future, it is better to rent out than sell. Capital Gains Tax: If you do not plan the sale carefully, you could end up paying thousands as capital gains tax on your investment property.
Assuming that the average mortgage age in Australia starts somewhere between 25 and 34 years, then to work out the average age to pay off a mortgage in Australia, you just need to add a 25 to a 30-year term. This would make the average age to pay off a mortgage in Australia between 50 and 64 years.
1.6% of Australians own 2 investment properties.
Housing tenure
Almost one third (31%) of Australian households rented their home in 2019–20, a decrease from 32% in 2017–18. Around two thirds (66%) of Australian households owned their own home with or without a mortgage, unchanged from 2017–18.
High house prices in Australia are primarily driven by supply and demand imbalances, tax policies, low-interest rates, and rising household debt.
Australian rental crisis will get worse as construction fails to keep pace with demand, report says. Australia's painful rental crisis will get worse in the coming years, a new report says, due to a shortage in supply of new houses and units caused by costs and ongoing constraints in construction.
It doesn't stop at affordability though. The report's authors said Australia was one of the hardest places in the developed world to be a renter. The biggest problem, they said, was insecurity: long-term leases are rare, and renters live with constant uncertainty about whether they'll have to move.
Canberra still Australia's most expensive city to rent a house.
Overall, Canberra remains the most expensive capital city to rent a house in, with median weekly rents sitting at $690.
While there's no consensus on what rents will do exactly in 2023 — go up a little, go down a little, or stay flat, according to three forecasts — what's clear is they are expected to return to more normal growth patterns, instead of the unsustainable, record rates seen in 2021 and 2022.
Australia's property market is considered to be among the most expensive in the world, with Sydney and Melbourne regularly featuring among the list of least affordable housing markets, along with some US and Canadian cities. One measure of affordability is the household debt-to-income ratio.
If in a good area with good tenants the property may very well outperform the super fund, but you are talking on additional risks by putting a substantial amount of money in just one investment and not diversifying.
IBISWorld forecasts residential property yields to rise by 0.60 percentage points in 2022-23, to 3.03%.
The median salary in Australia in 2023 is 6,650 AUD (USD 4,420) per month. The median salary refers to the middle value of all the salaries considered. In other words, around half of the population in Australia earns less than 6,650 AUD per month, while the other half earns more.
But the number might surprise you. To be considered in Australia's highest percentage of wealth, you must have a total net worth of a staggering US$5.5 million (A$8.26 million).
The amount of money it takes to make it into the top 1 per cent of the wealthiest Australians has doubled to $8.25 million since 2021, according to a new report. The increase means the amount of money you need to be part of Australia's top echelon of wealth ($US5.