Fewer than half of all Australians will be homeowners by 2017, report finds

Fewer than half of all Australians will be homeowners by 2017, report finds, by Calla Wahlquist.

Fewer than half of all Australian adults will own their own homes by 2017 and superannuation is on track to be the largest source of wealth in the country’s households by the mid 2020s, according to a new report.

The Household, Income and Labour Dynamics in Australia Survey, released on Wednesday, found that home ownership among people aged under 45, particularly in Melbourne and Sydney, had “decreased quite dramatically” since the report was first produced in 2001. …

Wilkins said there had been “no real increase” in household wealth since 2006 and no real increase in incomes since 2009. The median household annual disposable income in 2014 was $76,000 and the median household wealth was $400,000.

Older people with assets have become wealthier without personal exertion, due to asset appreciation brought on by excessive money manufacture since 1982. This has priced homes in Australia beyond the reach of most younger people, and literally made the rich richer. There are a lot of unpleasant social repercussions already from the easy-money fueled bubble, and we haven’t even dealt with the worse problem of all — the huge debt build-up. If the setting of interest rates had been left to the market instead of a bunch of bureaucrats at central banks, this calamity would never have happened.