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Weekly Housing Costs Remain Stable

By Ben Faulks

In 2012, Australian private renters were spending the same percentage of income on housing costs as in 1994 and '95, according to a new report released by the Australian Bureau of Statistics.

This and other findings reflect stability in the market that may be encouraging to those looking for Belconnen real estate.

The housing costs counted in the recent study included rate payments and rent or mortgages, including unsecured loans used to modify or renovate a property. The mean average weekly costs for all households was $265 in 2011-12, but this number is heavily influenced by those who own their own home without a mortgage and pay approximately $40 a week, or 3 per cent of their income.

Those renting property saw an increase of 8 per cent to their weekly housing costs, from $322 in 2009-10 to $347 in 2011-12, however, the proportion of income used to cover those costs remained at 20 percent.

Even with the increases to the weekly costs, renting proved to be one of the more affordable methods of home occupancy, especially when compared to those who owned a home with a mortgage, who had the highest average at $432 per week.

This could be welcome news for anyone looking at houses for rent in Belconnen. Details from this report forecast that housing costs are stable and, in the coming years, there should be no major changes to the  percentage of income needed to rent.

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