Census 2016: Home ownership on the slide, renting on the rise in Queensland

first_imgHome ownership in Queensland continues to decline but more people are renting, according to 2016 census.HOME ownership rates in Queensland have continued to decline and more of us are renting, but fewer households are in mortgage stress.Data from the 2016 census, released this morning by the Bureau of Statistics, shows a slight decline in the number of Queenslanders owning their home outright, with only 28.5 per cent having paid off their mortgage.That is down from 29 per cent in the 2011 census.Nationally, 31 per cent of Australians have paid off their home – down from 32.1 per cent in 2011. Census 2016: Queensland population booms in Buderim, Surfers Paradise and Caloundra Surprise Queensland dwelling results as Census 2016 is released The proportion of Queenslanders with a mortgage has also dropped slightly to 33.7 per cent from 34.5 per cent five years ago.But there’s been a shift towards renting, with 34.2 per cent of us now paying a landlord, up from 33.2 per cent in 2011, and higher than the national average of nearly 31 per cent.Household income has improved in Queensland, with 19.5 per cent of us taking home gross earnings of less than $650 a week.That’s a marked drop from 22.8 per cent five years ago.And more Queenslanders are earning over $3000 a week – 14.4 per cent compared to 10.2 per cent in 2011. In good news for homeowners, the median monthly home loan repayment in the state has dropped $117 to $1733.More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor3 hours agoFewer Queensland households are in mortgage stress than five years ago, with only 6.4 per cent of households needing 30 per cent or more of their income to pay off their home.That’s down from 9.7 per cent in the previous census when official interest rates were 4.75 per cent, versus 1.5 per cent now.And it’s better than the national average of 7.2 per cent. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE A common measure of mortgage stress is whether households are spending more than 30 per cent of their monthly income on home loan repayments.Rents are on the rise though, with the median weekly rent in Queensland now $330, compared with $300 five years ago.More Queenslanders are under rental stress, with 12.8 per cent of households requiring 30 per cent or more of their income to pay the rent.That’s up from 11.9 per cent in 2011 and greater than the national average of 11.5 per cent.In good news, household income has improved in Queensland, with 19.5 per cent of us taking home gross earnings of less than $650 a week.That’s a marked drop from 22.8 per cent five years ago.And more Queenslanders are earning over $3000 a week — 14.4 per cent compared to 10.2 per cent in 2011.last_img

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