A new white paper by super fund REST has found home ownership on the decline in Australia.

According to the company's Home Ownership and Superannuation White Paper, 15% of Australian retirees currently do not own their own home. This number is set to increase to 25% within 15-25 years. REST Industry Super CEO Damian Hill said the results are indicative of worsening affordability shutting people out of the housing market. He commented that while home ownership rates in Australia have historically been around 80%, the rate for those under 35 is less than 40%.

"While some young Australians are consciously deciding not to purchase property, many others want to buy a home but are unable to because of the reduced affordability of housing, especially in the capital cities," he said.

More from IBT Real Estate:
Newsletter: To receive real estate update, sign up here
Facebook: To receive real estate update straight on your newsfeed, simply like us