The SMH has run an article bleating about the “extraordinary collapse in home ownership in Sydney and Melbourne”:
The number of people owning their home outright has collapsed by a third as house prices have soared four-fold over the past two decades, leaving a growing number of older Australians shackled to mortgages as they head into retirement…
It’s a similar story in Victoria, where in the mid-1990s more than 45 per cent of people were mortgage-free, but now that figure has fallen to just 31 per cent.
The full text of this article is available to MacroBusiness subscribers
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
