Rental affordability has plunged in the past year to reach decade lows in several areas across the country, according to the ninth annual National Shelter-SGS Economics and Planning Rental Affordability Index.
National Shelter CEO Emma Greenhalgh said: “Rental affordability in Australia is going from bad to worse.
“In the past year renters have been smashed with enormous rent hikes well beyond income growth.
“With vacancy rates so incredibly low, landlords have been able to pass on interest rate rises to tenants – and the pressure is only set to increase following last week’s rate rise.
“More households in our cities and our regions are in rental stress and many areas are the most unaffordable they have ever been.
Index shows rents in the Shoalhaven 2540 and 2541 postcodes are unaffordable and moderately unaffordable for average incomes earners.
In the 2576 and 2575 postcodes on the Southern Highlands rents are unaffordable and severely unaffordable according to the data.
“Governments must urgently address this worsening affordability crisis, including by building more homes and better regulating renting,” Emma Greenhalgh said.