Even taking home ownership in the broadest sense (own outright or paying off) there has been a decrease from 73.2% in to June 1998 to 66.9% in September 2011. Associated with this is an increase in renting from 25.5% to 30.7 in the same period.
Source: Roy Morgan Single Source June 1998 - Sep 2011, 12 month moving average. *Approximately 2% can’t say or live in other forms of accommodation. 12 months to September 2011, n = 52,119.
Analysis by household lifecycle shows clearly that home ownership is still something that takes time – some 69% of Young Couples are renting, while 78% of people in Older Households either own their home outright (46%) or are paying it off (32%).
Home Ownership by Household Lifecycle
Source: Roy Morgan Single Source 12 months to September 2011, n = 52,119 (12 month moving average).
Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“This downward trend in home ownership is partly because of the increased proportion of population paying off mortgages. This is most likely the result of either the increased trend to borrow against the home to do other things or housing affordability issues as a result of the boom in housing prices and interest rate increases. Recently this downward trend in home ownership has accelerated, declining substantially by 2.3% points in the last two years.”
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