PHOTO: Fewer home owners own their home outright in their old age.
The number of home owners aged 55 to 64 still paying down their mortgage has jumped from 14 per cent to 47 per cent in 26 years, prompting concerns for their wellbeing into retirement and the superannuation system as a whole.
Numbers in all other age groups also increased, with fewer and fewer Australians owning their homes outright, even into old age.
Emeritus Professor of the RMIT School of Global Studies and Social Sciences Gavin Wood said the runaway property market was exacerbating the issue, as price growth ran away from wage growth.
“So not only is the share of home owners carrying a mortgage rising rapidly with those approaching retirement, but the amount of debt relative to their income is soaring,” he said.
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