The number of homes fully owned by occupants has declined over the past five years, according to RP Data’s analysis of the 2011 Census results.
The latest Census data shows 32.1 percent of households were fully owned by occupants in 2011, down from 34.0 percent recorded in the 2006 Census.
The number of mortgaged households increased from 34.1 percent in the 2006 Census, to 34.9 percent in 2011. The number of households rented also increased over the past five years, from 28.1 percent to 29.6 percent.
Cameron Kusher, RP Data research analyst, says these figures show levels of home ownership are falling, which he attributes to a shortage of supply at affordable price points.
Kusher says a comparison of current median house price to the median family income shows the typical home is 5.2 times more expensive – this is down from 5.3 times at the 2006 Census.
A comparison of median house price to household income shows the typical home is 6.3 times more expensive, an increase from the 6.1 times recorded in 2006.
Kusher says as at August 2011, the median dwelling price in Australia was $404,000. In 2006 the median dwelling price was $325,000, representing a total growth over the period of 24.3 percent.
Noteworthy housing Census results, according to RP Data:
While the number of occupied dwellings has grown by 7.7 percent over the past five years it has not matched the 8.3 percent increase in population
10.7 percent of Australia’s houses are unoccupied compared to 10.4 percent at the time of the 2006 Census
Growth in housing loan repayments over the past five years has outpaced the growth in individual, family and household incomes
Growth in weekly rents over the past five years has outpaced growth in housing loan repayments