Housing
Australia is facing a housing affordability crisis. We are identified as one of the least affordable housing markets in the world with Perth, Sydney, Melbourne and Adelaide all in the top 20 least affordable cities. Almost 1.2 million Australian households are in “housing stress” and over 400,000 are in “extreme housing stress”.
Housing has become increasingly unaffordable for Australians on lower incomes, with the price of buying a house now over seven times the average yearly wage.
We are also seeing increased financial stress for many in the rental market. While private renters are only one fifth of all households, they make up over half of households in housing stress. 35% of Commonwealth Rent Assistance recipients spend over 30% of their incomes on housing costs. There is currently a shortage of around 134,000 rental properties at the lower end of the market.
Younger Australians in particular are facing unprecedented challenges with housing affordability and housing stress. The lack of affordable housing, particularly for people on low incomes, represents both a serious market failure as well as serious policy failure by both federal and state governments.

