The 2021 census has revealed pockets of mortgage and rental stress across Sydney.
One in four home borrowers across large parts of Sydney’s west and south-west were already paying more than 30 per cent of household income to service their mortgage before this year’s interest rate increases.
Those spending more than 30 per cent of household income to service a mortgage or pay rent have traditionally been defined as being in housing stress, especially households among the lowest 40 per cent of earners. The share of renters under financial pressure due to housing costs in some suburbs was even higher. In Fairfield, 55 per cent of tenants were paying over 30 per cent of household income on rent, while in Greenfield Park-Prairiewood the share was 52.3 per cent and in Condell Park 51.7 per cent.
When the census was taken last year official interest rates were at a pandemic-induced emergency low of just 0.1 per cent. The Reserve Bank has since lifted the benchmark official cash rate by 0.75 percentage points in a bid to check rising inflation. Many forecasters predict official rates could climb to around 2.5 per cent, or higher, by the first half of next year.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Things may deteriorate': More heavy rain for Sydney as largest floods since March 2021 surround citySaturated catchments are forecast to receive more heavy rain overnight, the Bureau of Meteorology says, as water levels on the Hawkesbury River head towards levels not seen since the major floods of 2021.
Read more »
NSW government to transform museum into Indigenous cultural spaceA dedicated Aboriginal cultural space will be established at the Museum of Sydney, the site of the first Government House in NSW
Read more »
Blockade protester comment is ‘a product’ of the education system
Read more »
Logan uses government data to transform kindergartenGovernment data has begun to transform the lagging kindergarten system in Queensland’s Logan City.
Read more »
Russian hackers allegedly target Ukraine's biggest private energy firmRussian hackers carried out a 'cyberattack' on Ukraine's biggest private energy conglomerate in retaliation for its owner's opposition to Russia's war in Ukraine. 9News
Read more »
How Sydney's gangsters have become 'out of control'Some experts believe a difference between the underworld of yesteryear and modern gangsters is that they've become much less subtle. Instead of making enemies disappear, crooks are now happy to gun down rivals in front of their family and random bystanders.
Read more »