Do you want to know what is happening in Australia’s housing market but don’t know where to begin?
Well, now you have a place to start.
Courtesy of the Commonwealth Bank, the table below has plenty of information from the recent census to whet the appetite, looking at population growth, household incomes and housing affordability, among many other factors.
A few notable features stand out.
The first is that even with Australia’s high-rise construction boom over recent years, the proportion of Australia’s residential dwelling stock is still dominated by houses, accounting for 72.9% of Australian homes.
Some 13.1% of homes were apartments, with the remaining 13.5% either semis or other dwellings such as caravans.
The second is that population growth is far quicker on Australia’s eastern seaboard right now, especially in Victoria where it grew at a breakneck 2.4% last year.
New South Wales, the ACT and Queensland weren’t that far behind with increases of 1.52%, 1.71% and 1.46% respectively, outpacing growth in Australia’s other states and territories of 0.66% or lower.
Unsurprisingly, those states and territories where population is growing the fastest are also those where house prices have increased the most in recent years.
The other feature to stand out was the proportion of households deemed to be suffering housing stress, loosely defined as paying over 30% of pre-tax household income on paying their mortgage or landlord.
7.2% of households with a mortgage, and 11.5% of those who were renting, were paying over 30% of their pre-tax income to live in their property.
While a large total, that left 92.8% of households with a mortgage, and 88.5% of rental households, who were paying 30% or less.
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