Homeownership rates surged to 67.9% in the second quarter, the highest rate since 2008. The 3.8 percentage point increase from 64.1% a year earlier is the largest annual increase in homeownership rates on record. A word of caution about the data: The Census changed its methodology this quarter, eliminating all in person interviews due to the pandemic, which may have distorted the data and contributed to such a large jump in homeownership rates. That said, there are a number of intertwined pandemic-related trends that have likely led to the strong growth in homeownership:
Day: July 29, 2020
From wage subsidy and loan holiday extensions, to further stamp duty exemptions for new home buyers in New South Wales, it’s been a week of major announcements for Australians who had been anticipating a fiscal cliff at the end of September.
The ‘September cliff’, which could have plunged hundreds of thousands of people and businesses into devastating financial circumstances, is now looking more like a “September slope”, which is a positive turn of events for the economy and the property market, according to Nerida Conisbee, chief economist at realestate.com.au.