Canberra, Perth and Sydney renters at the mercy of a dysfunctional property market as rents rise. AGAIN.
Australians for Affordable Housing (AAH) said new figures showing rent rises well above inflation in Canberra, Perth and Sydney in the December 2011 quarter show that despite low or no growth in house prices, Australia has a housing crisis that is negatively impacting on low and middle income earners.
“Once again our nation’s capital tops the table with their already high rents rising 6.4% in 2011 while Perth at 5.3% and Sydney at 4.2% aren’t far behind. Once again renters are being squeezed by the housing affordability crisis”, said AAH Campaign Manager Sarah Toohey responding to figures from Australian Property Monitors and published in today’s Australian.
“Despite what many commentators call an ‘easing’ in housing affordability, these figures show that if we leave it to the market rents will continue to rise and tenants will continue to suffer record rates of housing stress.
Housing stress figures commissioned from NATSEM by Australians for Affordable Housing show that rates of housing stress for renters are double those with a mortgage.
“When more than a quarter of private renters are already in housing stress I worry deeply about their capacity to afford rent increases the size of which we’ve seen in the last year.
For low income households, these rent increase mean having to move or struggling to put food on the table, for middle income households it makes saving for a deposit harder, putting the dream of home ownership further out of reach,” said Sarah Toohey.
“We must see action from Governments in 2012 to make housing more affordable and we will be holding Governments to account to ensure that they do.”
Australians for Affordable Housing is a coalition of national housing, welfare and community sector organisations to highlight the problem of housing affordability in Australia. For more information visit www.housingstressed.org.au
Spokesperson: Sarah Toohey, 0427 563 989
Media enquiries: Stephanie De Campo, 0432 828 004
Follow AAH on Facebook and Twitter: @housingstressed
On Monday, we released the analysis ‘Australia’s broken housing system’ [linked], revealing that housing costs are not only the biggest cost to household budgets, but also the fastest rising. Housing costs have increased an average of 55% over the last six years.
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