More Aussies are delaying the purchase of their first homes until later in life, according to new data from the Australian Bureau of Statistics (ABS).
A report on the ABS data by the Australian Housing and Urban Research Institute (AHURI) notes that the rise in Aussies obtaining their first mortgage later in life meant that more people would still be paying off a mortgage even after hitting retirement.
The most recent ABS Survey of Income and Housing 2013-2014 shows that households buying their first home are older than they were over a decade ago. In 2000-2001, over 60% of first-home buyers were aged between 25 and 34. By 2013-2014, the percentage had dropped, with just under half (49.6%) of first-home buyers aged between 25 and 34.
“Indeed, as other ABS Housing Occupancy and Costs data shows, the proportion of households aged 65 and over still paying off their mortgage has more than doubled, having risen from 3.6 per cent of all households aged 65 and over in 2000–01 to 8.2 per cent in 2013–14,” AHURI said in its report.
Higher property prices, the rising cost of living, stagnant incomes, and the hefty deposits required to purchase homes are cited among the reasons for the delay in homeownership.
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