Today, Simon Kuestenmacher and I examine the evolving landscape of home ownership in Australia.

For generations, owning a home has been at the heart of the Australian dream. In 1966, nearly three-quarters of Australian households owned their home, either outright or with a mortgage.

Fast-forward to the 2021 Census, and that figure had slipped to just 63 per cent.

For younger Australians, the drop has been even steeper. And while renting is far more common today, the cost of entry into home ownership has never been higher.

So what's driving this change? Is it just the market doing what markets do, or have we set ourselves on a path where home ownership becomes an exclusive club?

Takeaways

• Home ownership rates have significantly declined over the decades.
• Demographic shifts, particularly among millennials, are impacting home ownership.
• Economic factors, such as income growth lagging behind housing prices, are crucial.
• The wealth gap between homeowners and renters is widening.
• Political priorities are influenced by the home ownership status of voters.
• Current policies may inadvertently push housing prices higher.
• A balanced property market is essential for economic stability.
• Gradual policy changes are preferred over drastic measures.
• The future of home ownership in Australia is uncertain without intervention.
• Community engagement is vital for shaping housing policies.

Links and Resources:

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Simon Kuestenmacher: Australia's leading demographer and partner in the Demographics Group.

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