More home loans customers 'have unused space'

Friday 18 November 2011

Article by Mozo

An increasing number of Aussies who have taken out home loans are living in houses that are unnecessarily large.

More home loans customers 'have unused space'

New figures released by the Bureau of Statistics have shown that Australians now have more empty bedrooms than ever before, the Sydney Morning Herald reports.

In its latest biennial housing survey, the Bureau also found that the number of people taking out a mortgage since 1999-2000 has increased from 32 to 36 per cent.

The study indicated that despite the rise in people looking for cheap home loans, property ownership has declined by six per cent in the past decade.

Now, the proportion of households who own their abode outright stands at just 33 per cent.

Earlier this week, investment adviser Monique Sasson Wakelin told Property Observer the Reserve Bank of Australia needs to take further action to boost the housing market.

She suggested that recent interest rate cuts were not sufficient enough to stimulate major growth.

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