Home ownership plummets

Fewer Australians now own their home outright, according to the Australian Bureau of Statistics (ABS).

A recent report conducted by the ABS showed the level of home ownership had dropped by one third from 42 per in 1994-1995,  to 33 per cent in 2007-2008.

Over the same time, the proportion of homes owned with a mortgage increased from 30 per cent to 35 per cent and the amount owing on housing mortgages nearly doubled to a median value of $150,000 per household.

Home values doubled between 1994-1995 and 2007-2008 to reach a median of $400,000.

Sydney had the highest median price of $550,000, Perth was next at $520,000 and Canberra and Brisbane both had $400,000 medians.