Around Australia, most housing markets exhibit dampened demand and construction rates, reflecting an investment environment of relative uncertainty and risk aversion. While prices have edged upward in many places (significantly in Darwin), relatively low levels of demand continue despite historically low interest rates.
Over the decade 2001 to 2011, there has been a significant drop in the proportion of dwellings owned outright and an increase in dwellings owned with a mortgage. This could be due to a range of factors, such as home owners borrowing against their equity to invest in assets including shares, investment property, holiday homes and home renovations.
While rental has increased to over 29 per cent of households, the number and proportion renting social housing almost halved, despite burgeoning waiting lists, from 5.8 per cent of households in 1998 to 3.9 per cent in 2010.
If Australians in 2011 had the housing consumption patterns they had in 2001, they would occupy an additional 284,000 dwellings (3 per cent more than existing supply).
Australians’ rate of housing consumption has declined since 2001, as evidenced by the turn in household size. This means there are larger households, despite a decline in the number of families with children and the average number of children per family, as well as fewer dwellings and households per head of population.
The final report of the National Housing Supply Council is available on the Treasury's website.
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