Census 2016: Fewer households own their homes
Renting is becoming more common, according to Census data.
The Australian Bureau of Statistics (ABS) has released its 2016 Census data and the results show a rise in the number of people living in rented properties, along with a corresponding decline in the number of people who own their home outright or with a mortgage. The proportion of renters has risen by 10% since 2011 to 30.9%.
According to HIA principal economist Tim Reardon, the number of people living in a single dwelling rose in Sydney and Melbourne and the number of households with six or more people increased by 20% since 2011.
“These figures show that the housing market in these cities continues to be undersupplied and inaccessible to new entrants. Households are increasingly forced from the owner-occupier market to the rental market,” Reardon said.
Reardon says that the number of people living in medium and high-density housing increased by 32% from the last census in 2011.
“The census data also shows that the cost of servicing the average mortgage has fallen. This is largely due to declining interest rates and also the share of the market that is renting,” he said.