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Homeownership & Household Formation ON THE RISE in Australia but delayed for sociodemographic reason; Household formation delayed until later in life because MARRIAGE is the key determinant
Topic Started: 23 Aug 2013, 10:58 AM (6,511 Views)
willy_nilly
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In 2009–10, almost half of young (reference person aged under 35 years) couple only households, and over half of young couples with dependent children, owned their own home (49% and 55% respectively) (graph 10.20 and table 10.22). The home ownership rate was considerably lower for young lone person households (35%). Home ownership rates generally increased with age of reference person.

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http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/by%20Subject/1301.0~2012~Main%20Features~Housing%20and%20life%20cycle%20stages~132
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willy_nilly
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read it and weep...

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willy_nilly
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So Shadow, that last file attached must have you stuffed?
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Shadow
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Pauk, you keep posting about age groups and 'kids' and 'young people'.

Nobody has claimed household formation and home ownership has increased among 'kids'.

In fact the OP specifically says the opposite - i.e. that people are deferring things like marriage, having children, and establishing households until later in life.

But the data shows that when they do decide the time is right to form a household, then they are forming those households so rapidly that the overall household formation rate is rising faster than the population is growing.

Also your last two posts contain 2009/2010 data only and say nothing about changes over time, which is what we are discussing here.
Edited by Shadow, 26 Aug 2013, 04:15 PM.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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Quote:
 
First-home buyers in their forties are a growing breed

Kirsten Craze Real estate
August 23, 2013 11:46AM

Naryl Brown (46) and her husband Rod (43), from Bardia, had been on the rental treadmill for over 25 years but have finally become first-home buyers.

IT'S never too late to own a piece of the great Australian dream - in fact, it can actually work to your benefit.

While just 16 per cent of NSW first-home buyers are aged in their 40s, new Mortgage Choice statistics reveal the numbers are growing fast.

The high cost of living and skyrocketing house prices have been blamed for a shift in the average age with first-time buyers aged 30 years or more rising from 54 per cent in 2011 to 61 per cent in 2012.

Take parents of two Naryl and Rod Brown - after more than 20 years, they had all but given up hope of getting off the rental treadmill.

But historically low interest rates, a $15,000 First Home Owners Grant and a stamp duty exemption for new home purchasers under $650,000 helped them finally get a foot on the property ladder.

The Browns recently paid $434,000 for a brand new three-bedroom duplex in Ingleburn Gardens Estate in Bardia with a 5 per cent deposit.

"We were reaching the point where we thought home ownership would never be possible for us," Mrs Brown said.

"We just never had that kind of money sitting around. Every time we'd think about savings, or how much of a deposit we'd need the washing machine would break, someone would need braces, or there'd be a school excursion.

"(But) we're now only paying $28 more a week in mortgage repayments than we were in rent each week."

That doesn't mean it's simple, however. Despite the typical trend that the older we get, the more we earn, the home loan industry does not necessarily look favourably on mature-aged first-time buyers.

Read more: http://www.news.com.au/realestate/firsthome-buyers-in-their-forties-are-a-growing-breed/story-fncq3era-1226708852405
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Why you should live at home until you’re 30
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The Whole Truth
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lol Classic. Where is that bullhawk sock?
"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." John Stuart Mill
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