Seems that the Australian dream of buying a home is becoming harder and harder with the latest survey, released by the Melbourne Institute of Applied Economic and Social Research, indicating up to a 10.8 per cent decline in home ownership between 2001 and 2014.

 Results from the Housing, Income and Labour Dynamics in Australia survey showed that there was a slight decline (of just 2.2 per cent) in home ownership among persons aged 55 and over.

 However, the biggest drop was seen with Australians under 55; with the most apparent change being a 10.8 per cent decline among those aged 35 to 44 - the largest decline of all!

 Here is a breakdown of the decline figures in home ownership from 2002 to 2014:

1.     10.8 per cent of persons aged 35–44 (63.2 per cent in 2002 to 52.4 per cent in 2014)

2.     9.5 per cent of persons aged 25–34 (38.7 per cent in 2002 to 29.2 per cent in 2014)

3.     8.2 per cent of persons aged 45–54 (75.6 per cent in 2002 to 67.4 per cent in 2014)

4.     2.2 per cent of persons aged 55 – 64 (75.1 per cent in 2002 to 72.9 per cent in 2014)

Seems there was very little change in home ownership among those aged 65 and over.

 All in all, the survey demonstrated that just half of Australian adults own their own home. It also highlighted that couples over 65 are among the wealthiest households in Australia.

 For some (especially first home buyers) these figures are probably not the most favourable. However, for investors it’s a very different story.

 With less Australians purchasing property it can only mean that the number of renters must surely be on the up, and staying there? Additionally, with the wealthiest households proving to be over 65 it makes sense that as we are getting older (and wealthier) we should be putting any extra funds behind a solid investment - such as property? 

 So maybe the Australian dream is not lost after all? Perhaps we just need to shift our perception? Is it possible that ‘living the Australian Dream’ nowadays consists of owning an investment property (or two or three) and a solid retirement plan, rather than trying to maintain a family home on a big block?

 Whether you are an investor on the hunt for that next lucrative property or a first home buyer trying to break into today’s increasingly tough property market, we would love to help. When it comes to advising on property, the team at HSBP are here for you.

 For more information or to schedule an appointment, contact us on 0419 782 133.