Smart homes could become ‘vastly more affordable’ in just five years
The future of home ownership is rapidly becoming a question mark as Australians are becoming increasingly dissatisfied with the current housing landscape and increasingly seeking alternatives.
The latest figures from the Australian Bureau of Statistics show home ownership rates have fallen from an average of 78 per cent to 76 per cent over the past four years.
But experts believe the trend is only set to accelerate in the next five years, and it’s likely that by 2020 we could be home to over one million homes with up to 10 million units under construction.
While it’s true that there will be an increase in the number of homes being built in Australia, the number that are affordable is set to be a massive jump.
“I think the key takeaway from the ABS figures is that people are going to buy a lot more,” Professor Tim Goggin, of the Australian Institute of Criminology, told ABC Radio National’s Today program.
“It’s likely to be as high as 10 million homes.”
“People are going in for a few reasons, some of which are just more affordable and some of it may be because the construction technology has improved.”
The key takeaway is that the majority of Australians will still be buying the same amount of housing.
The biggest reason for that is affordability.
As Professor Gogkin said, a lot of the housing we’re seeing in Australia now is quite expensive and you can see that in the latest figures.
“It might be that a lot will just be cheaper because it will be less expensive to build a house than it is to buy,” he said.
“If you look at the housing market overall, it’s going to be going to much more affordable.”
The ABS figures are just one piece of data that will be used to predict the future of house prices in Australia.
According to a recent report from The Property Market Report, which predicts the market, Australia will continue to be home price in the red for at least another decade.
“We’re going to continue to see a decline in the cost of housing over the next two decades,” Professor Gogle said.
With the construction boom and housing affordability issues on the rise, there’s a strong case for building more homes.
If you can get to where you want to be, you can buy a home with a mortgage, and in most states, if you have a mortgage you can apply for a mortgage extension, which means you can borrow a little more and buy a house.
It’s not a huge leap from a basic income guarantee, Professor Goggins said.
There are also a number of other factors that can influence home ownership.
For instance, the cost and quality of your home could also be an issue.
You could be paying the same price as someone else who owns a property, and you could be renting it for longer periods of time, which can reduce the home’s value.
Professor Goggan said the key to building a better home is to think like a buyer, and not like a seller.
We can’t all buy a property at the same time, and there are going not to be too many people who will buy a new home on a budget, he said