‘Softer’ market conditions to open up more opportunities for upsizers, experts say
After two years of facing several hurdles, experts say that upsizers should take advantage of the softening market condi...
A new report into home ownership has found that Queensland and the Northern Territory have the largest proportion of renters in Australia.
According to a Nielsen report commissioned by Domain Group, the Northern Territory has the nation's highest level of the renters at 43 per cent of the territory's households.
It is followed by Queensland on 37 per cent, and NSW and the ACT, which were both on 33 per cent.
The share of renters in the other states was 28 per cent for Victoria, 27 per cent for Western Australia and South Australia, and 20 per cent for Tasmania.
Domain senior economist Andrew Wilson said the high number of renters in the Northern Territory reflects low home ownership rates, with 62 per cent of the state believing home ownership is unattainable.
“High housing costs in the Northern Territory remain a significant barrier to home ownership, resulting in the highest proportion of renters to total households of all Australian states and territories,” Mr Wilson said.
“Although Territory incomes are the among the country’s highest, local rents are clearly the highest, providing another significant barrier to home ownership for those saving for a deposit.”
Home ownership was viewed as unattainable by 52 per cent of Victorian residents and 51 per cent of NSW.
Close behind was Western Australia at 49 per cent, followed by Queensland at 47 per cent and South Australia at 46 per cent
At the bottom end of the states and territories, 44 per cent of ACT believed home ownership was unattainable followed by Tasmania at 38 per cent.