4130.0.55.001 - Housing Occupancy and Costs, Australia, 2002-03
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 23/02/2005
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Mortages Up And People Borrowing More: ABS
More owner-occupied dwellings had a mortgage or loan secured against them in 2002-03 than seven years ago, and the average level of these borrowings had risen, according to figures released today by the Australian Bureau of Statistics (ABS).
From 1995-96 to 2002-03:
The average weekly payment for a housing-related mortgage plus property rates was $246 (or 17% of mortgagee households' average income in 2002-03). In real terms (CPI adjusted), the weekly payments in 2002-03 were only 2.5% higher than seven years earlier, due in part to a decline in interest rates substantially offsetting increases in mortgage values.
Of the capital cities, Sydney households paid the highest private rents ($260 per week) and the highest housing-related mortgage payments ($330 per week). Including households that owned their homes outright, Sydney's average housing costs were $185 per week. Sydney also had the highest median dwelling value ($430,000).
Hobart's average housing costs were the lowest of the capital cities at $95 per week, reflecting relatively low mortgages and rents as well as higher rates of outright home ownership. Hobart had the lowest median dwelling value ($150,000).
Other results from the Survey of Income and Housing were:
Further information is in Housing Occupancy and Costs, Australia (cat. no. 4130.0.55.001).
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