OzFree Online Real Estate

According to a new report, because of the unstable situation in the country’s real estae market. A huge number of homeowners in Australia has fallen dramatically over a year now. A researched studies at Flinders University, since 1996 the national home ownership rates has painted a grim picture of the difficulties both low and medium-high income earners face getting into the housing market.

However even the huge increase of economic growth and relatively low interest rates between 1996 and 2006, home ownership only grew by 0.8% and actually fell by 15% for both low income earners over the age of 45 and medium to higher income earners under 45.

‘The country that promised limitless land, cheap housing and near universal home ownership to all comers now has the most expensive housing in the world amid very tight housing and land markets and little prospect of restoring the balance,’ said adjunct professor Joe Flood.

Joe Flood said that that many lower income earners between the ages of 25 and 44 were unlikely to ever own their own homes because baby boomer parents were spending their inheritances and property prices remain high. He also added that as long as the government, the public and the media remain in denial, and self-congratulatory rhetoric continues that Australia has cleverly avoided the housing market correction it needed to have, there is little chance that matters will improve.