Census Housing Market Results
Results from the 2016 Australian Census reveal the ramifications of the housing affordability situation currently across the country.
There has been an increase in people per dwelling, evident with the number of households with six or more people increasing to 20 per cent since 2011.
The average number of people living in each dwelling has now risen to 2.7 in Sydney and Melbourne and 2.6 nationally.
The proportion of renters has risen as the number of homeowners has fallen.
The figures hint that there is an undersupply of available housing and inaccessibility for new entrants.
The median rent price in Sydney and Darwin is now more than $400 per week.
All capital cities except for ACT and Brisbane saw double figure increased prices, with the national median weekly rental price now $335 per week.
Meanwhile, the median monthly mortgage repayment has fallen slightly between 2011 and 2016 due to lower interest rates. All capital markets except for Darwin saw either no change or a reduction in repayments, with a national median decrease of -2.5% recorded.
Households are increasingly being forced away from the owner-occupier market to the rental market. The demand is consistently exceeding the supply of housing, pumping up prices and the number of people per dwelling as a result.
Average dwelling prices have risen by 75 per cent in Sydney and more than 50 per cent in Melbourne over the past 5 years.
The Census figures overall show quite a strong property market and highlights some potential issues around affordability.