Extract from an article by Jacob Saulwick and Peter Martin
Garnet O’Neill neither owns his apartment outright, nor owns a mortgage over the property. In this, he is increasingly typical of modern Australia, and particularly Sydney, where the number of renters is growing faster than those with an ownership stake in their property.
“Unless you got into the market a few years ago, or you’re established in the market or you’ve got family support… for the average person it’s impossible to afford to live in the city,” said Mr O’Neill, of Zetland.
The 2016 census spotlights the growing proportion of people in Australia for whom renting is their normal relationship to the housing market.
Twenty-five years ago, 26.9 per cent of Australians rented, and 41.1 per cent owned outright. In 2016, 30.9 per cent of Australians rented, just short of the 31 per cent who own outright, the lowest home ownership figure in 70 years.
In Sydney, the trend is more stark, with renters making up more than 34 per cent of all households.
Rental advocates and housing experts said the census captured a trend to which policymakers have been slow to respond.
“There’s always been such a fixation on home ownership,” said Peter Phibbs, head of Urban and Regional Planning and Policy at the University of Sydney…(continues)
SOURCE: Jacob Saulwick and Peter Martin, “‘They have to have alternatives’: Census highlights rent, not mortgage, stress”, Sydney Morning Herald, 27 June 2017
ACKNOWLEDGEMENT OF COUNTRY
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