REIQ reported this month that “fewer Australians own their own home outright” – but this is meant to be the dream!
It seems that over the 2007-08 period the “amount owing on housing mortgages almost doubled to a median value of $150,000 per household. This is consistent with the doubling in house values, with the median now $400,000″
The ABS released statistics that show that one third of all homes were owned outright in the 07-08 period, which is down 9% from the 94-95 period, however homes owned with a mortage incresed by 5%
Confused yet?
It seems that while owning your own home outright may be the great Australian Dream, it is becoming less achievable as time goes by. However on the other end of the scale it seems that more and more Australians are choosing to chase ‘the dream’ and take on a mortage rather than rent a property… And I guess that means the old saying sticks…
Rent money is dead money!
Contact one of our agents today to start your dream of owning your own property!
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