Every 2 years, the ABS report, Housing Occupancy and Costs is released.
The 2017-18 report showed that fewer homeowners having paid off their mortgage – from about 40 per cent of households 20 years ago to 30 per cent now.
Average mortgage debt has more than doubled but low interest rates have helped reduce weekly costs.
This report also showed that :
- Around two thirds (66%) of Australian households owned their own home with or without a mortgage, a decrease from 68% in 2015–16
- Almost one third (32%) of Australian households rented their home in 2017–18, an increase from 30% in 2015–16
- Average weekly housing costs increased to $484 for owners with a mortgage (up $15 per week from $469 in 2015–16) and remained relatively stable for the other major tenure types ($53 for owners without a mortgage, $366 for renters)
- Households continued to spend 14% of their gross weekly income on housing costs (owners with a mortgage spent 16% and renters spent 20%)
- The average number of persons per household remained stable at 2.6, and the average number of bedrooms per dwelling was unchanged at 3.2
Really important information to be aware of when a) choosing your investment property and b) your own home, so you can balance up both sides to the cashflow that works for you.
For 25 years now, Property Club members have had the benefit of our unique and insightful research, to take all of these factors into account and hold their properties safely for the long term!
And the good news is that the 2.99% interest rates are still available and being achieved by Club members, so make sure to contact your Property Mentor or enquire today for further information to get the best finance option in place for you!
Troy Gunasekera | National Manager