Fewer Australians are choosing to be homeowners, with the aggregate proportion going down from 71.2% in 1996 to 66.9% in 2011.
New data from the Australian Bureau of Statistics (ABS) also said the rate of home ownership among the age bracket of 25 to 34 has declined by 10.2% -- from 52.2% to 42% over the same period.
The number of Australians (also within the same age range) who own their homes outright and carry no pending mortgage has also dramatically fell from 11.1% in 1996 to less than 2%.
The ABS data also found more than seven in 10 low-income single parent households with dependent children do not own homes and only rent.
In the 1990s, some 20% to 25% were accounted for new housing finance loans, but recent data also showed this chunk of new homebuyers has dropped to 15% for the first quarter of 2015.
The report from Sourceable.net
said the new lows suggest that new homebuyers were “displaced by other market participants”, which could mean investors, both foreigners and locals.
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