As Australia's housing market continues to be a hot topic, recent census data reveals fascinating insights into the winners and losers of the home-owning game. Who actually owns Australia's homes? The answer provides an engaging narrative on the country's social fabric and paints a vivid picture of modern Australia.
Age & Homeownership
One of the key indicators of homeownership is age. The longer someone has been in Australia, the more likely they are to own a home. It's not surprising given that skilled immigrants usually arrive in their late 20s or 30s. Data shows that around half of this group reports owning a home within a decade of arriving. This percentage shoots up to more than 80% by the time they reach their sixth and seventh decades in the country.
The Working Life
Occupation plays an interesting role. In industries like agribusiness and alumina production, the rate of homeownership is notably higher. The logic might lie in the possibility of extra earnings from overtime. On the flip side, those working in pubs, cafes, and call centres are less likely to own a home. Even among younger workers, like baristas and bar attendants, only 40% manage to buy a property.
Regional Variations
Location also matters. In suburbs like Gisborne, Bacchus Marsh, and Camden Haven, over 80% of primary reference persons own their homes. Contrast that with areas like Port Hedland and Karratha, where the figure dips to as low as 27%. Such variations reflect the core values of Australians and immigrants alike. The Australian dream of homeownership spans decades, and most people achieve it by the time they retire.
The Quintessential Homeowner
So, who is the quintessential Australian homeowner? Census evidence suggests it's likely a woman in her late 60s or 70s, a Christian, possibly a former secretary, who arrived from Malta in the 1960s. Today, she lives on an acreage in Gisborne on Melbourne's outskirts.
A Question of Cohesion
But here lies the twist: what happens when the younger generation feels locked out of the housing market? The Australian dream remains a core aspiration, and much of our social cohesion relies on the belief that it's attainable at different stages of life.
The data isn't just numbers; it's a narrative of a nation willing to strive for a home of their own. And while the picture may differ from one suburb to the next or one profession to another, the dream persists. What remains to be seen is how this dream adapts to new challenges and whether it remains attainable for all, irrespective of age, job, or origin.
First National Real Estate wants everybody to find the right, most affordable home. That’s why we put Your Patch on our website. Using the latest Census data, we can help you discover the suburbs of Australia that offer the types of housing you’re looking for, to buy or rent, and we share valuable information with you on the average mortgage or rental costs of living in those areas. Find Your Patch here…
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