For over four decades, the rate of home ownership in Australia has remained remarkably high, with 70% of its households owning or purchasing a home. This is according data collected by the Australian Bureau of statistics in its population and housing Census. Although the number has been declining for 30 years, it can possibly take longer time to turn the situation around according to researchers. According to Terry Burke, a professor in housing Study at Swin Burne University, the drop in ownership of homes would have far reaching consequences. This is most likely the same reason as to why the Australian government has opted to do something about it, before any further decline.
Home ownership is a dream that most of us, if not all of us, wish could pass in an effort geared towards satisfying the basic need of a roof over our heads. It is sadly becoming increasingly for the wealthy as it now involves a huge financial investment and the rising cost of living has not made it any easier. Although it’s a long time financial commitment, there are some major advantages that come with owning a home. This includes the great privacy, a nest egg for the future ,increase in value ,stable costs (as compared to renting as they are based on a fixed rate mortgage),freedom to sell and buy a lower cost home and finally the pride in home ownership that closely binds you to your community.
South Australia’s first home buyers however can breathe a sigh of relief as its government comes to their rescue through backing up a finance scheme; a model that is similar to affordable housing being provided by community housing providers, who are experts in building quality houses and are not overpriced. This will largely aid its people who are struggling with home ownership. The home ownership struggle largely affects the young people who are being locked out of the market and are feared to becoming permanent renters. The lucrative offer has put into considerations ,even the homeless and those on very low income as they can come together and own a home jointly, under the ‘shared home ownership’. Some of the home ownership problems have been attributed to supply and demand .The low interest rates will mean that more people will be able to pay for higher mortgages, and in the end, majority of the population will freely afford to pay for their houses.