With some of the highest property prices in the world, young people living in Australia’s major cities are struggling to afford skyrocketing rents.
Despite an initial drop when the COVID-19 pandemic hit, rents have risen considerably across the country, increasing 8.3% just this year — the fastest growth since 2008.
Home ownership is not an option for many, especially as median house prices are now close to $1 million. Most young people are unable to save up for a deposit while paying a significant proportion of their income on expensive rents.
This post was originally published on Green Left.
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Isaac Nellist | radiofree.asia (2024-05-13T22:56:18+00:00) » Rents skyrocket as housing bubble locks people out. Retrieved from https://radiofree.asia/2021/11/16/rents-skyrocket-as-housing-bubble-locks-people-out/.
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