Home ownership in Australia is considered the Great Australian Dream of “owning a detached house on a fenced block of land.
In 2016 there were about 9.0 million private dwellings in Australia, each with, on average, 2.6 occupants.
The remainder were rented dwellings. Interestingly only about half of the owner-occupied dwellings were under mortgage.
Australian governments have encouraged broad-scale home ownership through and although mortgage interest is not tax deductible as, for example, in the United States, our homes are not subject to the capital gains tax on sale and are not counted in the assets test for Centrelink pension purposes.
They are also not taxed for land tax.
Bit despite this seemingly high rate or owner occupiers, as you see from the following graphic I found on Wikipedia, in Australia we’re nowhere near the top of the tree when it comes to owner occupier rates:
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.