The latest Australian Bureau of Statistics (ABS) data points to a trend that property commentators in Australia have seen coming for some time now – renting is slowly becoming the new norm.
In a report published by CoreLogic RP Data’s senior analyst Cameron Kusher, information collated from the ABS since 1994/95 shows a steady downward trend in outright home ownership (people who own a home without a mortgage), a steady increase in home ownership with a mortgage, and a slow rise in the number of homes that are primarily rental properties.
As a tenant in a strata property, you’re a part of the property trends we’re currently seeing in Australia, and that’s not a bad thing.
Why is owning a rental becoming more popular?
As the value of homes continues to increase around the country, people are finding it harder to buy. You’re not alone when it comes to renting, which means that investors are going to do all they can to buy more rental homes, and more people are going to be competing for the same spots as you.
Renting is becoming the norm in Australia, and there are more rental properties available now than in 2011/12, according to ABS data. That’s great news for your continued rental lifestyle, but the competition is heating up and you’ll need to do all you can to prove you’re a top tenant if you move homes.