Rising rents and mortgage repayments are taking their toll on the lives of many Aussie home owners, according to a new research. Recent studies conducted by the Australian National University (ANU) National Centre for Social and Economic Modelling (NATSEM) show that the number of private renting households in housing stress will increase alarmingly by 38% or 108,500 over the next four years based on the private rents rising by 6% a year. Ron Silberberg, managing director of HIA, warned that deteriorating housing affordability, if left unchecked, could lead to an escalation of poverty and homelessness in the country, as it would place unmanageable pressure on lower-income families. "There are now more than half a million households who are paying more than 30% of their income in rent or mortgage repayments. Record low vacancy rates in rental accommodation and the resulting rent auctions are pushing lower-income Australian households closer to the poverty line," he said.
TOTAL NUMBER OF HOUSEHOLDS IN HOUSING STRESS
|
State
|
NSW
|
Vic
|
Qld
|
SA
|
WA
|
Tas
|
ACT/NT
|
Australia
|
Number of rentals
|
224,256
|
112,700
|
140,735
|
25,261
|
29,015
|
6,227
|
8,806
|
547,000
|
% renting and mortgage households
in housing stress
|
27%
|
18.4%
|
26.8%
|
12.9%
|
11.8%
|
10.2%
|
14.6%
|
22%
|
Collections: Mortgage News
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