According to the Australian Bureau of Statistics, home ownership rose to 39.5% of households in 2016 from 33% in 2011 as overcrowded conditions improved.
The data revealed that living conditions had improved, with nearly 80% (78.9%) of people living in “adequately sized” accommodation, up from 69.2% in 2001.
But the lasting effects of colonization continue to have a significant impact on the housing conditions of Aboriginal and Torres Strait Islander people, with around 5% of those surveyed living in “not private” accommodations, such as boarding schools, motels, staff quarters and prisons.
Meanwhile, 95 percent stayed in private accommodation, these included houses, flats and flats, as well as caravans, cabins, tents or boats.
Indigenous Wealth chief executive Brad Gimbert said indigenous people are “behind the eight ball” when it comes to wealth generation, but said there are more opportunities than ever before.
“There are so many opportunities for our people… [but] we lack,” said Mr. Gimber.
“The‘s no generation of wealth or generational wealth, [such as] things are transmitted.
But he said that was changing. For example, if buying a house for your children has not been thought of, it is a reality for many customers.
The organization was created to help Indigenous people build generational wealth by connecting them with the right professionals related to real estate, finance and business.
Mr Gimber said that while the group helps indigenous people buy their first home, it is more suited to real estate investing and building wealth through a property portfolio.
“I want to rewrite the narrative of ‘poor black people’ as ‘rich First Nations people’. The way we do it is through real estate investing,” said Mr. Gimber.
“I was nervous”: first-time home buyer
John Kelly, who grew up in a housing commission home as a youngster, said he was nervous and had ‘no idea’ what to expect when he wanted to buy his first home before to meet with Aboriginal wealth to discuss some options.
“We sat down and talked for a long time about my goals, what I wanted, etc., and the different ways to achieve them,” M said Kelly.
“Deep down I thought ‘this is probably too good to be true.'”
Mr Kelly said buying his first property was “the best thing” he had done for himself “financially”, and he was now on his second investment.
Although there is a “massive” number of Indigenous people ready to invest, with jobs and savings, many face setbacks.
Mr Gimbert said some clients may have experienced “lateral racism”, or simply negative sentiment while navigating the financial landscape.
“They were ripped off with offers when they came to real estate,” he said.
“I’ve had clients, with lots of money, who laughed at the play and things like that.”
To help overcome some of the obstacles, Mr. Gimbert said more needs to be done to educate and empower indigenous people to create their own wealth, especially through real estate investments.
Since few people have a financial education in general, Aboriginal people have it “even less”he said.
“It’s just a change of mentality. It only broadens those horizons,” he said.
Although Indigenous Wealth is on track to have a fully Indigenous-managed finance team, at this stage the 100% Indigenous-owned group provides initial consultation with clients, to understand their needs, before referral to a network of financial advisors.
“The whole team is made up of mortgage brokers to help with the property, accountants, lawyers to do the transfer of ownership, and then we can also recommend them to get insurance and property management.“, he said.
“We’re trying to bring all of that together internally so that all Indigenous people fill those roles, and then create career paths as well.