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Census and the importance for the property market
August 11, 2016
It seems as though we just completed the last Census. Time has a relentless habit of sneaking up on us especially when it comes to responsibilities we’d sometimes rather ignore. The Census Survey is one of those things you just can’t (and that’s not only because of the $180 daily fine for not completing the pesky form).
Annoying though it may be, especially with the …*cough* technical issues on Census Night. Critical for planning of our nation’s future, the data recorded by the Census helps the government to prioritise funding across various sectors. It’s of particular importance to the housing sector.
Louis Christopher of SQM Research explains, “The data collected has been extraordinarily useful in working out demographic trends that affect the housing market.” Census helps to identify trends, to accurately measure population growth and infrastructure spending, analyse our workforce and national demographics, and, of particular interest to us – the survey assists in illustrating shifts in home ownership.
Michael Matusik of Matusik Property Insights analyses the trends expected to emerge and what they will mean for the housing sector.
What are the projected take aways from this year’s Census?
- The downward shift in home ownership will result in a need for less new houses.
- Current homes will need to accommodate for sharing – eg. by tenants or blended families.
- Convenient location is regarded as the highest consideration.
- Many residents will be forced to compromise on housing choice.
- Property and rental fees will settle, if not fall.
- Tenants will increase, but with limited money available for rent.
- Increase in multi-property investors dominating the market.
- Increase in redevelopment for residential returns.
Census survey system is now back online, and Australians have up until September 23 to complete it. Remember, you can always go down the dinosaur path and fill the form in using the pen to paper method.
Play your part in gaining a better understanding of the property market and housing sector today.