Will Australian home owners have to work for ever?

As increasing numbers delay the purchase of their first home, more Australians are left with a mortgage when they hit retirement age, according to The Australian Housing and Urban Research Institute.

Recent data from the Australian Bureau of Statistics shows that in 2000-01 just over 60% of Australians bought their first home when they were between the ages of 25 and 34 years old. In 2013-14, that number had fallen to just under 50%.

The number of Australians buying their first home when they are between the ages of 35 to 44 has increased from 18.9% in 2000-01 to 26.2% in 2013-14.

The AHURI report also reveals that, according to ABS data, 8.2% of households aged 65 and over were still paying off their mortgage in  2013-14, more than double the rate of 3.6% recorded in 2000-01. 

The data is available from the ABS here.

See also:

Higher rates cue to review your mortgage

Big four banks lift mortgage interest rates

2016 Retirement Living Census provides detailed industry snapshot