As the world warms, Sydney is becoming more affordable, and a new trend has emerged: the local home.
The Australian Bureau of Statistics (ABS) recently released a report on the growth in home ownership in Australia, and the findings show that the number of Australians owning their own home is at an all-time high, reaching an all time high of 1.1 million in 2014.
This is a huge jump from just a decade ago, when there were just 500,000 Australians who owned their own homes.
The number of homeownership in Australia is set to be nearly 1.8 million by 2020, up from just 0.9 million in 2020.
In fact, home ownership is now almost at the same level as when the economy was still in the depths of the Great Recession, around one third of Australians own their own property.
In 2017, there were 4.5 million Australians living in households with at least one person living at home, which is a 20 per cent increase from just three years ago.
And that’s not all, the ABS says the number who own their home is increasing by 50 per cent in just two years.
The report also says the growth of the local housing market is making it more affordable for many Australians to purchase their first home.
The number who bought their first house in 2017 was 2.5 per cent higher than in 2014, while the number that bought their second house in the same year was 4.7 per cent more.
“As Australians age and move further away from home ownership, affordability has risen dramatically,” said David Gyngell, director of the ABS National Housing and Urban Research Centre, in a statement.
“Many Australians are increasingly choosing to purchase a first home rather than move to a more expensive property.”
In 2017 the average house price in Australia was $2.1m, an increase of 12 per cent compared to 2016, according to the National Housing Price Index (NHPI).
And as the cost of housing increases, more Australians are choosing to sell their first homes rather than spend more to upgrade.
“The fact that home ownership has been growing and is now so affordable is good news for those who have struggled to find affordable housing in the past,” Gyngll said.
“It also shows that the Government and the Reserve Bank are working hard to encourage more Australians to buy their first property, which will drive home prices higher.”
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