Investing? We ALL Need to Live Somewhere !Residential property is such a basic commodity that there will always be a demand for housing.Young people cannot always afford their own home; they may not even want to buy a house. And people's circumstances change over their lives. Some may even own, and then rent, several times during their lives. According to the Australian Bureau of Statistics' 1994 figures, 27.6% of a total 6,677,900 households were renters. Breakdown: the private market accounted for 19% of the total, with 6.2% public renters and 2.4% other landlords. To put this into perspective, the 1947 figure was 44% of households renting. This figure dropped over the following years, stabilising at 20% in the early 1960s. Now it's rising again. Who Are Renting Private Homes These Days?Mostly younger households with single persons, sole parents and group households.And Where? Private renters represent a larger market share in Queensland, the ACT and NSW, according to ABS. How Long Do They Stay? Private renters are generally highly mobile, with more than half moving into their current abode within the past year. One reason: renting privately is often only short-term; in addition, rental leases generally don't provide for medium- or long-term tenancy. But nearly 40% of households renting privately have done so for 10 years or more. This group is usually lower income, either younger people who have never bought a home, or older people including some who have become non-home-owners when they separated, divorced or became widowed. And Rents ... Rents vary significantly by location. Sydney, Darwin and Canberra have the highest rents in Australia; and capital-city rents exceed rents paid elsewhere in the state. |
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