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REIA calls on govt to boost home ownership levels

The government needs to take action to increase the number of people who own property in Australia, the Real Estate Institute of Australia has asserted.

The Real Estate Institute of Australia (REIA) is calling on the government to take action to boost the number of people who enter home ownership.

Recent figures from the Australian Bureau of Statistics show that the rate of home ownership in Australia was 71.4 per cent in 1994-95, falling slightly to 68.3 per cent in 2007-08.

David Airey, president of the REIA, said that the reasons behind this 3.1 percentage point decrease need to be examined.

The reasons given by the REIA include housing affordability and an undersupply of property in Australia.

"We would like to have the opportunity to work with the government on this issue to ensure home ownership becomes a more achievable goal for Australians," Mr Airey concluded.

Earlier this week, Robert Bryant, general manager (Australia) at market research firm IBISWorld, wrote in a piece for smartcompany.com.au that owning property is the cornerstone of the "great Australian dream".

Posted by Ravin Chatlani 

- ownership, property, debt, prices, REIA

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