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.
Just under a third of Australia's 9.8m homes are owned outright, while more than a third are owned with a mortgage, the 2021 census has found. The data also showed that while most people live in a family situation, nearly 900,000 live together in a group, while 2.5 million live alone.
Home ownership in Australia decreased to 67% in 2011, the lowest level in over 50 years. Tasmania has the highest home-ownership rate at 70%, and the Northern Territory the lowest at 46%. As of the 2016 Census, home ownership in Australia had decreased to 65%.
A survey conducted in November 2022 reported that residents in South Australia and New South Wales had the greatest average length of home ownership at 11 years. Home ownership length in Western Australia averaged at only eight years in comparison.
Australian Bureau of Statistics data shows that just over half of millennials are homeowners. This compares with 62% of gen X and two-thirds of baby boomers when they were at the same age. For those millennials aspiring to own a home, the difficulty in doing so can damage their future plans.
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.
Generation X made up 24% of total buyers. They had the highest median household income of any generation ($114,300), followed by older millennials ($102,900). In addition to leading the way in home buying, baby boomers remained the largest home seller generation, jumping from 42% in 2021 to 52% in 2022.
This line graph shows that the proportion of owners without a mortgage declined from about 42% in 1994–95 to 30% in 2019–20. This line graph shows that the proportion of owners with a mortgage increased from about 30% in 1994–95 to 37% in 2019–20.
According to the calculations above, the first year of property ownership will be around $84,420 on the average Australian home. Then after your first year, it'll be an annual average cost of $54,761(mortgage, council fees, utilities, home insurance and maintenance).
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%.
1.6% of Australians own 2 investment properties.
Here's how many properties investors hold in Australia: 5% of investors hold 1 investment property. 18% of investors hold 2 investment properties. 7% of investors hold 3, 4, or 5 investment properties.
China topped the leasehold table with 8.4 million ha, a very small increase on 2019. China has also pulled ahead when aggregating total freehold and leasehold ownership interests, remaining on the same 2.4 percent of total foreign-held land that it had in 2019.
Australian house prices are considerably higher than in many other comparable countries, largely due to factors such as supply and demand imbalance, tax policies, and low-interest rates.
Here's how many properties investors hold in Australia: 71.5% of investors hold 1 investment property. 18% of investors hold 2 investment properties.
It's cheaper to rent than buy a house in 90% of Australian suburbs.
To buy a $700,000 home, you need an annual salary of around $112,000. To buy a $600,000 home, you need an annual salary of around $96,000. To buy a $500,000 home, you need an annual salary of around $80.000. And to buy a $400,000 home, you need an annual salary of around $64,000.
Even to buy a median-priced Sydney unit at $758,700, a buyer would need to make $137,300 each year, and up to $147,600 if they wanted to keep their repayments to less than 30 per cent of their income. In Melbourne, where the unit median is about $527,800, buyers would have to earn $102,800.
$70,000 salary
A $70,000 annual gross income with a mortgage at 5.99% p.a. equates to a loan amount of up to $391,222. With a 10% deposit contribution, the maximum affordable property price would be $434,691, or with a 20% deposit $489,027.
Average household debt grew by 7.3 per cent to $261,492 in 2021-22, according to the latest figures from the Australian Bureau of Statistics (ABS).
It's increasingly common for Australians to head into retirement with a mortgage. This is true for about 6% of retirees, and that figure is expected to grow as housing prices rise faster than earnings.
"A study shows that millennials will hold five times as much wealth as they have today and the group is anticipated to inherit over $68 trillion from their baby boomer elders by the year 2030," Morley Winograd, author of three books on the millennial generation, told Newsweek, quoting a 2019 research by Coldwell Banker ...
Baby boomers have the highest net worth, averaging $1.6 million per household.
The Greatest Generation commonly refers to those Americans who were born in the 1900s through the 1920s. The Greatest Generation members all lived through the Great Depression and many of them fought in World War II. These individuals have often been described as driven, patriotic, and team-players.