Owning your own home is a big step in anybody’s life but getting onto the property ladder seems to be getting increasingly hard, especially for first home buyers.
To dry and debunk the theory that the home ownership dream is unattainable, the home loan experts at Compare the Market have gathered some statistics on ownership rates in Australia and overseas, as a comparison point.
To kick things off, the Australian Institute of Health and Welfare published statistics claiming that in 2021, around 67% of the 9.8 million households in the nation were home owners, compared to just 31% which were renters.1 To provide an idea of what it was costing to be a home owner at the time, the mean price of a residential dwelling in the last quarter for 2021 was $920,100, which was an increase from the previous period.2 The year finished on a cash rate set by the Reserve Bank of Australia of 0.1%, which had been consistent since November the previous year.3
Around the same time (November 2021), the capital city average for weekly rent prices on a house was $595.4
But we’re missing an important factor – the world has been experiencing a pandemic, which has significantly impacted spending and savings habits. Although, that has been felt not just in Australia, but globally, as well. So how does that picture vary around the world? For those who are interested in moving to Europe, we have some answers for you.
As home loan experts, we’ve taken a look at which European countries have the highest and lowest proportions of homeowners, as well as how this relates to the average property prices.
Read on to find out how the property market looks in a few different markets.