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‘Worst ever’: Low-income earners hit by soaring rents
Publisher/s
Australian Associated Press
Author/s
Amanda Parkinson
Abstract
The Australian dream of owning your own home is being “crushed” by rising rents and over-inflated house prices, a new report finds. After reviewing more than 45,000 rental listings, Anglicare Australia’s rental affordability report has declared the market the worst it has ever been.
“This is not hyperbole,” the report released on Tuesday said. “This is Australia’s new normal.”
The annual report uses thousands of rental property listings on realestate.com.au on a weekend in March or April to compile a snapshot of the rental market across the country.
The report says the national vacancy rate has hit an all-time low of 0.7 per cent while average rents are $200 per week more than pre-COVID-19 pandemic levels.