Census shows decline in mortgage repayments

by Miklos Bolza28 Jun 2017
The 2016 Census results from the Australian Bureau of Statistics (ABS) have indicated a drop in the median monthly mortgage repayments over the previous five years.

The latest data sets the median mortgage repayment for an Australian in 2016 at $1,755 per month, compared to $1,800 in 2011.

In general, mortgage holders are spending less of their income repaying their mortgages too with the number of households where loan repayments are less than 30% of income increasing from 90.1% to 92.8% between 2011 and 2016.

The data also shows that 34.5% of Australians own a home with a mortgage – slightly down from the 34.9% recorded in the previous Census. The number of people owning their home outright has also dropped from 32.1% to 31.0% during the same time period.

In a state-by-state breakdown, the ABS Census data on home owners was as follows:
 
  Owned with a mortgage Change since 2011 Owned outright Change since 2011
NSW 32.3% -1.1% 32.2%  -1.0%
Victoria 35.3% -0.6% 32.3% -1.9%
Queensland 33.7% -0.8% 28.5% -0.5%
SA 35.3% None 32.2% -0.6%
WA 39.7% +1.9% 28.5% -1.0%
NT 29.6% -1.0% 15.3% -0.3%
Tasmania 33.5% -0.7% 35.7% -0.5%
ACT 38.4% -0.5% 27.0% -1.4%
 
Looking at median monthly mortgage repayments and households where repayments were less than 30% of the average income, the state breakdown was as follows:
 
  Median repayments Change since 2011 Repayments less than 30% of income Change since 2011
NSW  $1,986 -$7 92.6% +3.1%
Victoria $1,728 -$28 92.5% +2.6%
Queensland $1,733 -$117 93.6% +3.3%
SA $1,491 -$9  93.4% +2.2%
WA $1,993 +$43 91.4% +1.6%
NT $2,167 +$113 94.5% +2.2%
Tasmania $1,300 None 94.9% +2.4%
ACT $2,058 -$109 94.5% +2.3%
 

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