Renters in the north, movers in the south

Renters in the north, movers in the south

Posted on Friday, June 26 2015 at 1:59 PM

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). 


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.

 

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