INDUSTRY NEWSNationalNEWS

Australian home ownership rates lowest on record

The proportion of Australians who own their own home continues to sit at record lows, new data has revealed.

The recently released 2019/20 survey data from the Australian Bureau of Statistics found just 66 per cent of Australians own their own home, with or without a mortgage, which is the same as in 2018/19.

Home ownership levels have steadily fallen over the past few decades, dropping to 66 per cent from 71 per cent in 1999/2000 and is the lowest rate of home ownership since the survey began in 1994.

The number of home owners with a mortgage also continues to rise, now at 37 per cent, up from 32 per cent in 1999/2000.

The number of people that own a home without a mortgage has also fallen from 39 per cent in 1999/2000 to 30 per cent now.

The ABS survey also found renters (including state housing) now make up 31 per cent of Australian households, a slight decrease from 32 per cent in 2017/18.

Source: Australian Bureau of Statistics.

According to the ABS, home owners with a mortgage pay $493 per week in housing costs, which is up 40 per cent from 1999/2000 (adjusted for inflation).

In contrast, renters with a private landlord pay $415 per week, which is 50 per cent higher compared to 1999/2000 (adjusted for inflation).

The average weekly housing costs were highest in the Northern Territory at $381 and lowest in Tasmania at $218.

The number of people in public housing has fallen over the past two decades, with 3 per cent of households renting via a state or territory housing authority – down from 6 per cent in 1990/2000.

Meanwhile, 26 per cent of households rent from a private landlord, which is up from 20 per cent in 1999/2000.

The rate of home ownership is highest in Western Australia at 69.3 per cent and lowest in the Northern Territory at 59 per cent.

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Rowan Crosby

Rowan Crosby is a freelance journalist specialising in finance and real estate.