Canberra rental market surge leaves students, young families struggling to find properties.
Canberra's rental market has shown the strongest growth of all capital cities according to new property data, but the surge has left some renters at a disadvantage. Rents in the ACT have sat relatively dormant for the past five years, but new research from CoreLogic RP Data suggests the market is becoming increasingly competitive.
Head of research Cameron Kusher said the ACT market was leading the nation in rental growth, followed closely by Tasmania.
Housing affordability in Canberra: Renting is the ACT's 'biggest issue'. Belconnen university student Lizz McCarter lists her favourite television channel as LifeStyle. It's here she draws fresh inspiration for her goal of buying and renovating a home.
Unfortunately for the 23-year-old, who is unable to work, the great Australian dream seems just that - a dream. Half her partner's pay goes on rent, with much of the remainder spent managing her chronic medical condition.
"It's very daunting. It's hard for us to even consider ... saving for a house and we have to hope things will be better in a few years' time when we're a bit older," Ms McCarter said.
There is a housing affordability crisis in regional Australia? .. and here’s why.
The newly released annual Demographia report on housing affordability has found – once again – that Australia has some of the least affordable housing markets in the world. Sydney was ranked as the second-least-affordable housing market behind Hong Kong. This news came just a day after incoming NSW Premier Gladys Berejiklian announced that improving housing affordability would be a priority for her government.
Renters are being asked to put their money where their mouth is as landlords encourage them to outbid each other in the search for a home.
Known as rent bidding and deemed ‘‘totally unethical’’ by community housing organisations, the practise sees potential tenants taking part in an informal auction to see how much money they will pay to secure accommodation.
Tenants’ Union ACT executive officer Deborah Pippen said the practice is against the code of conduct for licensed real estate agents, but private advertisers aren’t held to the same standards.
What we want to achieve in the long-term in a perfect world. ACT Shelter believes that housing is a human right. Our vision is that everyone’s home be recognised as the safe, secure, affordable, sustainable foundation to well-being.