CHART OF THE DAY: The Australian Housing Market Summed Up In One Chart

The ABS has released a clever chart that shows, at a glance, exactly how Australia’s 22 million people house themselves.

From the ABS’ newly released Housing Occupancy and Costs data, here’s where Australians lived in 2011-12:

Home ownership fell from 71% to 67% between 1994-95 and 2011-12, and fewer Australian households owned their homes outright, down to 31% from 42%.

Outright homeowners spend an average of $40 a week on housing, which is about 3% of their income.

Renters spend an average of $347 a week on housing, while mortgagees spend $432 a week.

The proportions of households with a mortgage and private renters each jumped 7% to 37% and 25% respectively.

The ABS reports that housing costs for mortgagees and renters have remained flat at about 20% of household income since 1994-95.

“The decline in outright home ownership may, in part, reflect increasing uptake of flexible low-cost financing options which allow households to extend their existing home mortgages for purposes other than the original home purchase,” the ABS suggests.

More than three-quarters of households have more bedrooms than they need, the data reveals.

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