Increasing private housing supply alone is not an adequate response to the urgent problem of rising rents
Urgent responses are needed, as well as structural change. Yet Australian governments have so far told renters to suffer through it while they try to increase housing supply.premier Chris Minns this week ruled out a rent freeze or cap on rent increases. Prime minister Anthony Albanese has also rubbished the idea of working with state and territory governments to regulate rents.
Optimistic modelling of the relationship between housing supply and costs claims that prices will fall by 2.5% with every 1% increase in the housing stockof the growth required for new households; others suggest falls of one to two per cent. If we accepthomes nationally.
Applied just to Greater Sydney, the model would require about 140,000 additional homes, yet this is thenumber the Department of Planning and Environment estimates will be built in the next five years. Renters can’t wait for unrealistic growth in housing supply just to return to 2021 rents which were themselves already unaffordable for many.
The model also falls short when tested against common measures of rental affordability. A one-bedroom Sydney rental in the bottom quartile of prices can be leased for about $419 in the current rental market. For this to become affordable to a single person on minimum wage – that is, leased for less than 30% of their income – Sydney’s housing stock would need to increase by 19% – an implausible 380,000 dwellings.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Universities Australia in Washington to discuss AUKUS workforce strategiesUniversities Australia Chief Executive Catriona Jackson emphasises the critical role of higher education in addressing the workforce challenges presented by the AUKUS alliance. 'AUKUS is quite a big challenge for Australia – it's a huge deal,' Ms Jackson told Sky News Australia. To support the initiative, Australia must source 20,000 skilled workers, most of whom will require a university degree. Jackson and her team are currently in Washington to discuss strategies with colleagues, aiming to 'produce those skilled graduates so we can make AUKUS an absolute winner.'
Read more »
'Really exciting news': White Lotus star reveals Australia travel plansJennifer Coolidge will make an exclusive appearance in Sydney alongside the creator of The White Lotus, Mike White for an 'unforgettable chat' at the 2023 Vivid Festival.
Read more »
Presbyterian Church of Australia questions ability of gay and sexually active students to hold leadership positionsA church that runs some of Australia's most prestigious schools has called for the right to stop students in same-sex relationships, or those who have sex before marriage, from taking up leadership positions. 9News
Read more »
'Still a bit shaken': Tragic photos emerge as Cyclone IIsa smashes WATropical Cyclone Ilsa has left a trail of destruction in Western Australia, with Bureau officials indicating it could be the strongest wind gust recorded by its equipment in Australia.
Read more »
Presbyterian Church of Australia questions ability of gay and sexually active students to hold leadership positionsA church which runs some of Australia's most prestigious schools believes students who are gay or having sex before marriage should not take up school leadership positions. 9News
Read more »
Swimming Australia CEO Eugenie Buckley resigns with immediate effectSwimming Australia is searching for another new chief executive after Eugenie Buckley resigned from her post with immediate effect on Friday
Read more »