Overall household home ownership rates in Australia have hovered around 70 per cent since 1961.
At the most recent Census of Population and Housing (2016), the proportion of private dwellings that were owned was 67.1 per cent, the lowest figure recorded since 1954.
94% of Gen Y say owning their own home is a priority for them.
However, first home ownership rates are constantly challenged and are on a decline since the high points experienced at the start of the COVID-19.
REIA’s latest Housing Affordability Report found that the number of first-year home buyers decreased to 29,093, a decrease of 22.5% during the quarter and a decrease of 33.9% over the past 12 months.
An enormous 90% of Australian first home buyers say stamp duty is a major deterrent to buying a home.
The removal of stamp duty would help aspiring homeowners by removing a major upfront cost, with stamp duty representing an extra 4 years of saving for the average Australians on top of the deposit.