CoreLogic’s snapshot of housing affordability across Australia showed that the percentage of gross annual household income required to service the median rent hit a record high of 32.9% at the end of December 2024:
In a similar vein, PropTrack’s latest rental affordability report showed that Australian households at the end of 2024 could afford to rent the smallest share of advertised rentals since at least 2008, when records began.
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The principle driver behind the declining affordability was the hyperinflation of rents, which had risen by 48% nationally for the reason that begin of the pandemic.
This 48% surge in rents in comparison with a 19% enhance in median revenue over the identical interval.
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Anglicare Australia launched its annual Rental Affordability Snapshot, which relies on greater than 51,000 rental listings throughout the nation.
As illustrated by the beneath graphic from SBS Information, there are nearly no rental properties accessible to weak Australians:
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“Australia’s housing disaster is the worst it has ever been”, famous Anglicare Australia govt director Kasy Chambers.
“We maintain listening to that this election is about dwelling prices, however housing is the most important price going through Australians. The housing disaster is climbing the revenue ladder, and other people on the bottom incomes don’t stand an opportunity”.
“Throughout the nation, there are 74 electorates with no single inexpensive rental for somebody on the minimal wage”.
“For an individual out of labor it’s even grimmer. Out of 51,000 listings throughout the nation, simply three have been inexpensive for somebody on JobSeeker.”
“There have been no rental listings that have been inexpensive for individuals on Youth Allowance”, Chambers mentioned.
Australia’s price of housing development is within the doldrums, monitoring close to decade lows.
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On the identical time, the federal authorities continues to import traditionally excessive numbers of migrants who want housing.
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The immigration consumption should be lowered to a stage beneath the nation’s capability to construct housing and infrastructure. In any other case the rental disaster will persist.
Policymakers ought to goal for a rental emptiness price above 3% throughout all markets, which is round double present ranges.
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