2016 Census: what does it tell us about housing in Australia?
The data in the 2016 census confirms trends we already know about: the population is growing strongly, fewer people own their homes, more people are renting, and household size is shrinking.
“A decline in housing investment and a decline in exports were the major factors contributing to the relatively subdued growth in the economy this quarter," says Shane Garrett, senior economist with the HIA.
Pimpama in south-east Queensland is Australia’s top 'housing hotspot', according to a new report from the HIA, with Cobbitty-Leppington in Sydney's south west coming in second.
Housing affordability improves, but the problem remains
Housing affordability remains a significant national challenge despite the latest HIA Affordability Report showing an improvement in the early months of 2017.
"The majority of the growth in population attributable to overseas migration is occurring in the eastern seaboard states, which underpins the strong growth in these jurisdictions."
RBA uses strongest language yet to warn of housing 'risks'
As ABS data confirms that property prices are rising strongly in some cities, the minutes of the March Reserve Bank board meeting flags concerns about the "build-up of risks" in the housing market.
Reducing the cost of new housing supply and tackling the deposit gap faced by aspiring first home buyers is the appropriate policy response to Australia’s housing affordability challenge,” says HIA Chief Executive Industry Policy, Kristin Brookfield.
