The 2021 census shows Australian home ownership levels remaining steady over the years but the proportion of households owning outright falling sharply.

Curtin University analysis of the latest census shows that the proportion of Australians owning their home was unchanged from the 2016 census at 66 per cent.

Home ownership has remained fairly constant over the longer term, falling only 2 percentage points from 68 per cent in the 1996 census.

But Curtin found that the proportion owning outright (without mortgage debt) has fallen from 42 per cent in 1996 to 31 per cent in the latest census.

Curtin University Professor of Economics, Rachel Ong ViforJ, said most of that change occurred between 2001 and 2006, which were the early years of a sustained house price boom.

Writing for The Conversation, ViforJ said: “As prices climbed owner occupiers took on larger mortgages that took longer to pay off.”

Curtin’s analysis also shows that in younger age groups the proportion of homeowners has fallen.

Between 1996 and 2021, the share of owners headed by people aged 25 to 34 fell from 50 per cent to 43 per cent. Home ownership rates have also fallen in the 35 to 44 and 45 to 54 age groups.

ViforJ said: “The downward trend in home ownership among the young and the upward trend in mortgaged rather than outright ownership show no signs of reversing, despite significant spending on first home buyers subsidies and guarantees.”