Annual data shows rental affordability in Australia’s capitals appears to be stabilising

ABC NEWS (Australia)

An annual report comparing rental prices against household incomes has identified signs rents are beginning to stabilise in some parts of the country. Perth, however, has bucked that trend, with the latest rental affordability index from SGS Economics and National Shelter labelling the western capital the least affordable for the second year in a row.

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00:00A break from house hunting.

00:04Every viewing we go to is very busy, a lot of people coming through.

00:08The Bower family looking for a rental in Perth at no more than $750 a week.

00:14We're still on New Zealand dollar salaries, so it is quite a big chunk of the pay packet.

00:21In the past 12 months, rental affordability has declined in Perth, Brisbane and Hobart,

00:27remained steady in Melbourne and Adelaide and improved slightly for Sydney and Canberra.

00:32Perth is the least affordable capital city, with the average household spending 32% of income on rent.

00:40Sydney, the second least affordable, with rent taking up 30%.

00:45For the pensioners and those very low income households, the rents are then higher than their incomes.

00:52The situation no better in the regions where high rents are seeing businesses struggle to find enough staff.

00:59So that's affecting the very productivity of the economy,

01:03but it's also undermining the very social and economic fabric of regional towns and cities.

01:09Almost a third of Australians now rent.

01:12But as that figure's grown, social housing stock hasn't,

01:15meaning more people are fighting for rentals in the private market.

01:19The stock was around 10% in the late 1970s.

01:23Nationally, that has now dropped to around 3% or less.

01:27Social and affordable housing is critical infrastructure.

01:31It's like building roads, hospitals, schools.

01:34The federal government's commitment to build more a welcome and necessary change,

01:39but still a long road ahead to turn the housing crisis around.

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