Housing crisis deepens: renters squeezed as one state struggles most

Housing costs have hit new highs across Australia, with renters copping the brunt and Victoria labelled the hardest place to find affordable housing.

Transcript

00:00Australia's housing crunch has deepened, with new figures showing property prices climbing

00:05again while renters face record stress.

00:09The median home value lifted to $857,280 in September, continuing a run of sharp gains

00:16as low rates and limited supply push prices higher.

00:21Experts say the number of homes on the market is tracking about 20% below average, forcing

00:25buyers to compete harder.

00:27We've got too much red tape and regulation, we are not seeing enough innovation in housing.

00:32Victoria has been singled out as the nation's worst state for affordability.

00:36The state's social housing waiting list has blown out past 66,000 applicants, while more

00:42than 10,000 people have been forced to seek homelessness support each month since last

00:47year.

00:48In response, Prime Minister Anthony Albanese has rolled out Labor's new deposit scheme,

00:53which allows first home buyers to purchase with as little as 5% down, beginning 1st October

00:592025.

01:00We understand that you need a whole suite of measures.

01:04We need to boost supply, we need to increase the capacity of people to own their own home

01:11as well.