Outright home ownership plumments over the past 15 years - The only winners are the banks!; Proportion of households that are outright home owners has fallen from almost 42% in the mid-1990s to 30.9 % today
Tweet Topic Started: 29 Aug 2013, 10:55 AM (4,908 Views)
Estimates of the ownership of residential property from the Survey of Income and Housing (SIH) show both those households that own the dwelling in which they currently reside and the ownership of other dwellings. The 2009-10 SIH results show that 68.8% of all households in 'not very remote' Australia own (with or without a mortgage) the dwelling in which they currently reside (down from 70.2% in 2003-04). However, when those who are in tenures other than owner-occupation but own residential property are added, the proportion of all households that own residential property rises to 72.8% (no significant change compared to 2003–04).
So that would single income in the past and now dual. What an important fact to leave out
Naff all we can do about that dude. We aren't the only nation that's ever realised that Women's Lib has had negative effects on society as well as positive ones. 'Course it ain't particularly the done thing ta chat about the negatives in 'polite' society - Leastways not if one's a bloke with any hopes of getting a bit of nooky it ain't ...
So despite the fact 'we're' spending the same proportion of our income on buying 'n renting as we were nearly two decades ago, the percentage who own outright has dropped and the percentage who rent has increased - Rather noticeably in both cases it would seem? Charmed I'm sure! But hey, I have been saying I expect our standard of living to drop - So I'm not especially surprised.
Yes, there is the LMI to pay upfront, but you can see that through mortgage insurance and longer financing term, the servicing cost can remain roughly equivalent while outright ownership takes 30% longer.
Assets prices have risen, yes, but liabilities have risen also. If asset prices fall, the liabilities don't fall with them. A prospect that terrifies some people I am sure. Next stop, multi-generational mortgages.
------------------------------ " ... which is that all-too-familiar dynamic in Irish life where people tell lies, cover them up and create all sorts of collateral damage, sometimes spread out over decades, and never take responsibility." - Alan Glynn
Assets prices have risen, yes, but liabilities have risen also. If asset prices fall, the liabilities don't fall with them. A prospect that terrifies some people I am sure.
Maybe, but the realtity is that most of the time the opposite occurs! Ie, prices / equity rise, and aggregate liabilies rise less. At an individual level, over time prices rise, equity increases even more (principle paid off), and liabilities fall.
For Aussie property bears, "denial", is not just a long river in North Africa.....
Yeah Well, if it's too hard I wonder why most people have been able to service their mortgages with success?
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
Catweasel say what is "through a roof" besides a speculate and a emotion?
How does quantify "through a roof"?
How does it prove its "through roof"?
"Through a roof" evoke a feeling of explosive.
But that depend on how mouse perceive in its skull.
And lend impact to its narrative.
Hi Cat, Only the unintelligent understand this. I have told people how to get a free house. They just look at me blankly i have obtained 3 houses for free basically sorry 4. But you got to think outside the square. Just look at the bell curve of human intelligence, then look at the information source, you can not sell lots of papers to the 1% of people with an iq of 145 or more. The dumb asses will not but it.
The "housing expert" clearly did not bother reading the entire ABS release which also stated....
Mmmm housholds incomes, not individual incomes.
"In 2011-12, both owners with a mortgage and private renter households spent the same proportion of their income on housing costs as they did in 1994-95,” said Ms Cunningham.
Hmmmm - is see you could not come back to your last stuff up with me (when you suggested I left out Negative gearing when calculating the benefits of owning rather than investing - when I didn't).
Affordability is based on household income - always have, always will. The data shows affordability has not changed.
Maybe, but the realtity is that most of the time the opposite occurs! Ie, prices / equity rise, and aggregate liabilies rise less. At an individual level, over time prices rise, equity increases even more (principle paid off), and liabilities fall.
Yep That is the ultimate goal.
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
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