Renters in the north, movers in the south
2015-06-29
While a third of Australians are currently renting property, a new Nielsen report from Domain.com.au has revealed that the Northern Territory has the highest percentage of renters in the country (43 per cent), followed by Queensland (37 per cent).
Domain senior economist Andrew Wilson says the high number of renters in the NT reflects low homeownership rates.
“High housing costs in the NT remain a significant barrier to home ownership resulting in the highest proportion of renters to total households of all Australian states.
“Darwin house prices are behind only Sydney of all the state capitals, and although Territory incomes are the among the country’s highest, local rents are clearly the highest, providing another significant barrier to home ownership for those saving for a deposit.
“That said, the number of recent new developments in the NT means we may see a shift in the future. Supply is slowly catching up to demand and we may see a gradual increase in the rate of homeownership.”
Meanwhile, the state of Victoria has recorded its highest net interstate migration in more than 40 years, figures released by the Australian Bureau of Statistics
(ABS) have revealed. Denise Carlton from the ABS says the latest figures
from Australian Demographic Statistics, December Quarter 2014, reflect
an ongoing trend of increasing population growth for Victoria.
“Victoria has experienced increasing population growth since 2011, with a net gain of 9,300 people from the rest of Australia in the last year alone.
“Most of this increase for Victoria can be attributed to people moving from NSW (2,700 movers), with South Australia (2,100), Western Australia (1,400) and Queensland (1,100) the next largest contributors.
Source：API
Though the Sydney and Melbourne property markets are the most talked-about in the country, the percentage of people renting in these states is significantly lower, with more renters in NSW (33 per cent) than in Victoria (28 per cent). Tasmania has the lowest percentage of renters in the country, with just a fifth (20 per cent) of the state currently renting.
The Domain data suggests that renting is a temporary state, highlighting that 47 per cent of Australians have lived in their current rental property for less than two years. Only 27 per cent of Australians have been in their rental property for more than five years.
The “great Australian dream” of homeownership is seemingly distant for some states, with 62 per cent of NT residents indicating they believe that owning their own home is no longer attainable. More than half (51 per cent) of NSW and Vic (52 per cent) residents are also negative about the attainability of property ownership.Domain senior economist Andrew Wilson says the high number of renters in the NT reflects low homeownership rates.
“High housing costs in the NT remain a significant barrier to home ownership resulting in the highest proportion of renters to total households of all Australian states.
“Darwin house prices are behind only Sydney of all the state capitals, and although Territory incomes are the among the country’s highest, local rents are clearly the highest, providing another significant barrier to home ownership for those saving for a deposit.
“That said, the number of recent new developments in the NT means we may see a shift in the future. Supply is slowly catching up to demand and we may see a gradual increase in the rate of homeownership.”
Meanwhile, the state of Victoria has recorded its highest net interstate migration in more than 40 years, figures released by the Australian Bureau of Statistics
(ABS) have revealed. Denise Carlton from the ABS says the latest figures
from Australian Demographic Statistics, December Quarter 2014, reflect
an ongoing trend of increasing population growth for Victoria.
“Victoria has experienced increasing population growth since 2011, with a net gain of 9,300 people from the rest of Australia in the last year alone.
“Most of this increase for Victoria can be attributed to people moving from NSW (2,700 movers), with South Australia (2,100), Western Australia (1,400) and Queensland (1,100) the next largest contributors.
Source：API
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