Housing Affordability in Australia 2015


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Housing Affordability in Australia from the ABC.

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A measure of housing affordability is the per cent of income spent on housing. In March 2015, an average of 31.5 per cent of income was spent on home loan repayments, while renters paid an average of 24.8 per cent of their income.

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While in dollar terms people with mortgages spend the most per week on housing at around $408, that represents only 18 per cent of their income. Renters spend an average of $275 but that’s a higher proportion of their income at 20 per cent.

Type of Houses.

Owners like free-standing homes. Of owner-occupied households, 88 per cent live in separate houses, compared with 57 per cent of renters.

Size of Houses.

While our homes are getting more expensive, they are also getting bigger. New homes in Australia are bigger on average than anywhere else in the world at 245 square metres for new freestanding homes and 215 square metres for new homes overall – up around ten per cent in a decade.

Level of home ownership by Age:.

Aged 15 to 24: 22 per cent own or are buying a home, while 75 per cent rent.
Aged 25 to 34: 50 per cent own or are buying a home, while 50 per cent rent.
Aged 35 to 74: no data shown
Aged 75 upwards: 85 per cent of people own their home outright, less than 3 per cent have a mortgage and less than 10 per cent are renting.


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Sources:

http://www.abc.net.au/news/2015-05-06/fact-file-housing-in-australia/6442650
http://www.abc.net.au/news/2015-05-06/houses-sit-in-a-residential-street/6448414

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