Australian census reveals surprising results
The latest Australian Census reveals some surprising results, according to experts in a recent article on news.com.au .
In fact, while there have been concerns on the property “bubble,” it appears that NSW residents are fine with paying off considerable mortgages.
According to the Census 2016 results released recently, the standard NSW resident were able to own their homes right away which surprised experts. This goes against the national profile that claims that the typical Aussie continues to pay their mortgages. Nonetheless, other regions like Victoria, South Australia and Western Australia responded with people still paying off mortgages.
Likewise, the results added that Northern Territory Aussies are more into renting whereas those in Queensland likely pays a mortgages as they are likely to rent. NSW residents along with those in ACT and Tasmania typically owned their homes outright.
“It’s not surprising that it’s the case in Tasmania, which has an older population and where property is far more affordable,” said AMP chief economist Shane Oliver.
“But I would have thought that in NSW, which has a younger population, increasing debt and rising house prices … that they would be paying off a mortgage.
“It doesn’t fit well in to that image of a property boom and people taking on bigger and bigger mortgages.”
The debate is still on as the results don’t exactly answer the “property bubble” question and they don’t also disprove it.
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