Posted June 25, 2020 14:00:55With the global economy struggling to recover from the shock of the financial crisis, Australia’s housing market is in an even more perilous position, with rising property prices and unaffordable demand for homes and property.
The Australian Bureau of Statistics (ABS) released its latest survey of the Australian rental market today, offering some insight into where the nation is headed in the coming months.
Its latest Housing Confidence Survey (HCS) shows a steady decline in the proportion of people who say they own their home and a steady increase in the number who own a house.
Despite the fall in the HCS, it still shows an increase in Australians who have owned a home and are happy to have one.
While most people think they will be better off if they had more time to build their home, just under two-thirds of respondents (64%) said they would be happier if they could build their own home, while only 20% said they were not likely to do so.
With a large number of people still renting, this survey also shows that affordability remains a major concern for most people.
As a result, Australians who are currently renting are more likely to be satisfied with the quality of their current rental property and are more satisfied with their current location.
In the meantime, a large percentage of people (60%) said that they would not be willing to give up their current home if it came with the same or better amenities.
This is consistent with the results from the first three HCS surveys, showing that more people are happy with the location of their home than the quality.
People are also more likely than others to be interested in buying a house if they think they would like to live in a more affordable location.
This is consistent across the HCAs survey, showing a high degree of interest in buying and owning homes.
Overall, the average monthly cost of renting in Australia is now $8,979, compared to $11,836 in 2014.
Housing affordability is a critical issue for Australians in the medium term, as a lack of affordable housing leads to a decrease in employment and income growth, and can have long-term impacts on housing affordability.
ABS has released a new survey of housing affordability, which will be released next week.
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