The figures from the 2016 Census is in and it’s revealed a lot about the Australian population, including our behaviours when it comes to the property market.
Let’s take a look at some of the factors that are shaping our nation.
More people are calling Australia home
Quite a few more people live in Australia than they did just five years previously when the 2011 Census was held. According to the data gathered from Census night in August 2016, there were 1,894,175 more people in the country than in 2011. That brings Australia’s population to around 24.2 million people.
There has been a rise in high-density living
With so many extra people living in Australia, about 1,037 extra Aussies every day since the 2011 Census, it’s no wonder that high-density living is on the rise.
While separate houses still account for most homes in Australia (72%), there’s been a significant increase in dwellings such as flats, apartments, semi-detached, row housing or town housing. These account for about a quarter (26%) of Australian housing.
The population is ageing
The age of the average Australian is slowly creeping up. In 1911 the median age was just 23, then 28 in 1966, 37 in 2011 and now it’s 38.
More and more people are also living over the age of 65. One in six of us were over 65 on Census night 2016, compared to one in seven in 2011 and only one in 25 in 1911.
Incomes are rising
Many will be happy to hear that median personal incomes are on the up. The national weekly median was $662 for people aged 15 years and over – up from $557 in 2011. However it should be noted that these figures do not account for inflation.
Of the states, the Australian Capital Territory had the highest median personal income ($998 per week), followed by the Northern Territory ($871), Western Australia ($724), New South Wales ($664), Victoria ($644), Queensland ($660) and South Australia ($600).
Tasmania reported the lowest median personal income, earning $573 per week.
We’re still a nation of homeowners
Despite rising property prices in places like Sydney and Melbourne, the majority of Australians still own their homes either outright (31%) or own with a mortgage (34%). This leaves 31% renting.
However, while the majority of people either own or are paying off a home, the proportion of renters is slowing growing.
Want to find out more about the state of our nation on Census night? You can read the Census data in full at www.abs.gov.au/census.