Own home out of reach

THE great Australian dream of owning your own home has become a nightmare.

More people will now retire having never owned their own home or still carrying a hefty mortgage debt, an alarming new report has found.

Home ownership has declined for the past 50 years, from about 72 per cent in the mid-60s to about 67 per cent in 2011. Australia now ranks 27th for home ownership, behind countries such as Romania, Croatia, Spain, Greece, Italy, Sweden and Canada. The report was commissioned by the Australian Institute of Superannuation Trustees.