One-quarter of Aussies 'will not own their home when they retire'

Wednesday 01 June 2011

Article by Mozo

About one-quarter of Australia's future retirees will not own their home by the time they finish work, according to recent research.

Number of Aussies owning homes on retirement set to drop

Figures from REST Industry Super revealed that by 2036, only 75 per cent of those completing their working life will have a property, down from 85 per cent at the moment, reports the Australian Associated Press.

Damien Hill, chief executive of REST, commented: "The problem with this is that so much financial advice and policy has been developed around the assumption that people will own their home when they retire."

In light of his comments, Aussies that have not yet got on the property ladder may be tempted to compare home loans and look at buying their own house.

This comes after data from analyst RP Data-Rismark revealed that mid-range suburban properties declined in price by 0.9 per cent year-on-year.

Homes in state capitals in a cheaper price bracket held their value better, only dropping by 0.5 per cent.

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