Australia’s Rental Market Suffering from Critically Low Affordability
By Paul Westchurch @ Real Estate Daily
May 8, 2018

Australians that receive government support payments are facing an incredibly unaffordable rental market. A new report by Anglicare outlines the scarcity of affordable rental properties in Australia, finding that only 6% were affordable.

Sydney’s housing market is the most expensive rental market, with only 1% of rental properties considered affordable on government support payments. For single people on aged pension and disability support, the number of affordable properties nationwide dips even lower.

Key Takeaways

  • Only 6% of rental properties are “affordable” for Australians on government support payments
  • Only 1% of rental properties in Sydney are were considered affordable
  • Anglicare is calling to phase out negative gearing and capital gains tax exemptions for more funding towards social and affordable rental housing
Source: 9news

Excerpt

Australians on government support payments can only afford six percent of rental properties, according to a report by Anglicare.

A snapshot of the more than 67,000 rental properties available across Australia on March 24 by the advocacy group found only 3729 were affordable for households on government income support payments.

Only one percent of rental properties in Sydney – 57 out of more than 18,000 – were found to be affordable, despite a 28 percent increase in rental market supply.

“These results show that finding an affordable and suitable home to rent in the private market is extraordinarily challenging,” the Anglicare report released today reads.

Anglicare wants negative gearing and capital gains tax exemptions phased out and the billions saved to go towards social and affordable rental housing for those in need.

View the original article at 9news