The median value of owner-occupied homes in Australia has risen almost ninety per cent over the last decade, according to a report released this week by the Australian Bureau of Statistics (ABS).
The number of homes owned outright by their occupants has decreased in the same period.
The ABS figures show that in 2005-06, just over a third (34 per cent) of all homes in Australia were owned outright by their occupants - down from 42 per cent in 1994-95. Over the same period, the proportion of homes owned with a mortgage increased from 30 per cent to 35 per cent.
In 2005-06, there were more people in private dwellings (up 13 per cent) than in 1994-95, yet the average household size decreased by 7 per cent.
So it is not a surprise, then, that the figures show that most houses (78 per cent) had more bedrooms than required in 2005-06.
The report looked at what our homes are costing us, and found that the proportion of gross household income required to meet housing costs increased from 12 per cent to 14 per cent.
Sydney had the highest housing costs in Australia - for private renters, Sydney's costs averaged $294 per week, followed by Canberra ($280) and Darwin ($259).
For owners with a mortgage, Sydney's housing costs averaged $443 per week, followed by Canberra ($343) and Brisbane ($338).
The median value of owner occupied dwellings rose from $186,000 to $350,000 - up 88 per cent between 1994-95 and 2005-06.
Sydney's home owners had the highest median dwelling value ($500,000), while Hobart's had the lowest ($262,000).
