House prices have increased by almost 25 per cent, units are growing in popularity and rental homes are in demand according to Census data released by the Australian Bureau of Statistics (ABS).
The median dwelling price across Australia was recorded by the ABS at $404,000, well up on the $325,000 recorded in the 2006 Census, which indicates total growth over the period of 24.3 per cent.
RP Data analyst Cameron Kusher said that the increase in house prices was offset in other areas.
“It is worth noting that a family’s income, housing loan repayments and rental payments all increased by a greater amount than median home prices over the period,” Mr Kusher said.
Separate houses now account for 75.6 per cent of all homes across the country, down from 76.6 per cent from previous results.
“Overall the results highlight that more affordable housing options such as higher density housing types are growing in popularity,” said Mr Kusher.
There has been a decline in the number of homes that are fully owned, with 32.1 per cent of households completely owned by the person living there in 2011, down from the 34.0 per cent recorded in the 2006 Census.
Other affordability figures released include median home prices being 6.3 times more expensive when compared to household income, up from 6.1 times five years ago.
The percentage of Australians with mortgaged houses rose from 34.1 per cent in the previous Census to 34.9 per cent, while the number of households being rented increased from 28.1 per cent to 29.6 per cent.
“These results highlight that levels of home ownership are falling and are most likely linked to a shortage of supply of houses at affordable price points in many regions of the country,” said Mr Kusher.