Australian Home Loans are Expensive – and Popular
There are more than 9,000,000 homes in the country/continent – the only such continent with a total of one countries within its borders – of Australia, with an average of 20,000 new homes finding their way into construction each and every calendar month. Homes are so popular because they’re integral to living long, rewarding, safe lives, rather than living on the streets or in the forest. Unfortunately, most Australians don’t have enough money to purchase homes with cash, instead opting for Australian home loans.
In the entirety of Australia in June of 2017 alone, 21.6 billion dollars’ worth of Australian home loans were extended to home owners refinancing their homes or purchasing them for the first time. On average, each of the market’s Australian home loans cost a whopping $376,200, although the average first-time home buyers’ Australian home loans totaling only – still quite expensive – $317,400. The state with the highest average Australian home loan rings in at $447,000 – that’s New South Wales for you!
The total number of Australian home loans outstanding right now, in September of 2017, has nearly reached its all-time high, totaling just under the peak number achieved directly before the 2008 worldwide economic depression. Conversely, the number of individuals, couples, and families purchasing homes for the first time is holding steady to the average of the past twenty-plus years, itself spiking directly after that dreaded economic recession, considered the worst since the Great Depression of the 1920s – if not even worse than that, as some economists suggest.
To quantify the above statistic about how many people new to home buying have Australian home loans, in 2016, only 13% of the Australian home loan market consisted of noobies. The percentage started off around 19%, remaining in the low 20s up until the turn of the millennium. It peaked at an all-time high of 28% in 2009, truly an anomaly with the two years prior and following ranked at 18% and 20%, and 18% and 18%, respectively. Learn more here https://www.loans.com.au/home-loans
Inhabitants of the Land Down Under – as most people who speak English know, that’s Australia – are slowly edging towards renting more often than buying homes, although the most recent statistic from 2015 indicates that 35% of living spaces are backed by Australian home loans, 32.5% of people actually own their homes completely without owing any debt towards its title of ownership, and around 31.5% of Australians opting to rent. This last number has risen upwards in the past few years, as the price of homes in Australia – like everywhere else on our lush, homey, green, and blue earth – have increased in at least the past decade, if not even longer than that.
According to the Australian Bureau of Statistics, only 29.6% of individuals and family units in the Land Down Under rented their places of living, up significantly over the four years’ following, estimated today at well over 32%. As renters become more abundant, the number o Australian home loans taken out to purchase homes for strictly rental purposes will continue, meaning the mortgage market in the land of Aussies is far from being damaged.