09/02/2024
๐ก Rental Update: Prices on the Rise! ๐๐ธ
Australia's rental prices have hit a record high, surpassing $600 a week, with an 8.3% increase nationally. In Sydney, the median weekly rent is $745, reaching over $1000 in certain areas.
CoreLogic reports that households now spend 31% of income on rent, up from 26.7% in March 2020.A survey reveals 70% of tenants experience rental stress, prompting a call for government action.
The federal government introduced housing policies, including the Housing Australia Future Fund and $3 billion for social and affordable housing. Despite efforts, challenges persist in addressing the escalating rental crisis.๐ค๐
Lily Le (Leo Home Loans)