The official release of 2016 Census data on Tuesday, 27 June 2017 has provided some insight as to the trends in population and property ownership around Australia.
In an effort to establish what this means for property investors we have summarised the relevant parts here.
1. More Renters and Less Owners
- Outright home ownership slid to 31 per cent, the lowest in more than 70 years
- Renters rose from 29.6 per cent in 2011 to 30.9 per cent in 2016, the highest since 1954
Home Occupancy StatusSource: ABS Census 2016
Changes to Home Occupancy Status
Source: ABS Census 2016
2. Houses dominate but higher density increasing
- Melbourne experienced an 82 per cent rise in high rise apartment dwellings between 2011 and 2016. Sydney experienced a 33.6% rise in the same period.
- Homes are increasingly likely to be a caravan, cabin, houseboat or even a tent
Source: ABS Census 2016, Domain
3. More people living alone and more families living together
- The average number of people per household, remained unchanged at 2.6 since 2011.
- 24% of Australians live alone, 71% live with family and 4% live in a share house.
Household CompositionSource: ABS Census 2016, Domain
With renters being at the highest level since 1954, property investors are a crucial participant in housing supply. Other factors such as interest rates and population growth need to be considered when making an investment decision but on the whole the property investment market in Australia is strong.
The information contained in this article is General in nature and has been prepared without taking into account your objectives, financial situation and needs. When assessing any investment you should also consider that past performance is not a reliable indicator of future performance.