Housing costs fall in Australia
14 November 2015 by News Desk
When it comes to paying monthly housing bills, it is now more affordable to buy a home in Australia than to rent.
Home owners with a mortgage paid an average of $453 per week on housing costs last year, about the same as in 2011–12, according to the Australian Bureau of Statistics whose latest report shows that it is now more affordable to buy a house than to rent.
Rising incomes, low mortgage rates and an increase in the number of available properties is driving the trend.
An increase in average household incomes means home owners with a mortgage spent 16% of their income on housing costs last year, down from 18% in 2012.
Households renting from private landlords paid an average of $376 per week in 2013-14, a rise of $12 compared to 2011–12, according to the Australian Bureau of Statistics.
Lower income households that rent from a private landlord paid an average of $313 per week (34% of gross weekly income), while lower income households with a mortgage paid $326 per week on average (27% of gross weekly income).
The number of households with a mortgage in Australia has increased to 36% from 30%, while the percentage of households renting privately has risen from 18% to 26%.
