The analysis of housing household expenditure in Australia from 2013 to 2023 reveals a general decline in the allocation of household income towards housing. In 2023, the expenditure stood at 15.71 units of household income, indicating a steady reduction from previous years. The annual year-on-year variation shows mostly negative trends over the last two years, with decreases of 2.01% in 2022 and 1.64% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years also underscores this downtrend, averaging a -2.8% decline per year.
Looking ahead, forecasted data until 2028 indicates a continued but slower decline in housing expenditure relative to household income. The forecasted five-year CAGR suggests a reduction rate of -0.65%, with an overall predicted decrease of -3.2% by 2028.
Future trends to watch for include:
- Economic factors like changes in income levels and inflation rates that could influence household spending patterns.
- Government policies, especially those related to housing affordability and urban development, which may impact future expenditure trends.
- Shifts in housing market dynamics, including supply-demand balance and property price trends, which could alter household budget allocations.
