<
https://www.theguardian.com/australia-news/2023/may/29/australias-rental-affordability-drops-to-worst-levels-in-nearly-a-decade>
"Australian rental affordability has dropped to its worst levels in nearly a
decade, with the average household spending a third of its income on rent, as
the impacts of the Covid pandemic continue to be felt on the market.
Lower income households pay even more, with more than half of their income
going towards their rent, according to new research from ANZ and CoreLogic.
The ANZ CoreLogic housing affordability report has found rental affordability –
the portion of income required to service a new lease – is at its highest level
nationally since June 2014, with 30.8% of an average income required to service
a new lease.
Perth saw the worst deterioration of housing affordability for lower income
households between March 2020 and March 2023, while Hobart recorded the worst
housing affordability figures, with nearly 60% of income needed to pay rent.
Only Melbourne saw a slight reduction in the portion of income needed to pay
rent for lower income households, due to the growth in income at the 25th
percentile level.
Sydney is still the most unaffordable market for home ownership. The report
found that, on average, Sydneysiders paid more than half their income towards
their mortgage, and would take about 12 years to save up enough for a 20%
deposit.
The report attributed much of the pressure on the housing and rental market to
supply, an issued intertwined with the onset of the pandemic. Soaring
construction costs and interest rates have also forced more people into the
rental market."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
