Sydney at rental ‘breaking point’ JamesHMacSmith
Over the same period, according to the study, asking rents have increased between about 11 per cent and 36 per cent in Melbourne while vacancy rates across the Victorian capital are sitting well below 2 per cent.
Federal and state governments have been roundly criticised for appearing to do very little about Australia’s rent crisis and Everybody’s Home spokesperson Maiy Azize said the consequences of government inaction will only worsen.“Many are being forced to skip meals, avoid the doctor, and take out payday loans just to pay the rent.
“With interest rates rising again this week, renters could be faced with another increase and unlike landlords, they don’t get tax handouts to help them stay afloat.”“We also need the Federal Government to make a major investment in social housing. Australia needs to build at least 25,000 new social homes each year to end our shortfall.”
In Melbourne, figures show tenants in Inner East Melbourne are set to fork out more than $8,500 extra per year in rent at the current asking price. Picture: NCA NewsWire / Andrew Henshaw
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