CHIA NSW calls for action as ABS data reveals rents double wage growth in capital cities

Media release

22 January 2024

The Community Housing Industry Association NSW (CHIA NSW) has called for urgent investment into social and affordable housing as new data from the ABS has shown asking rents skyrocketing at a rate exceeding twice the pace of wage growth across the most capital cities in the country.

According to the latest data, since December 2019 to September 2023, Sydney witnessed a 33 percent spike in unit rents and an alarming 40 percent surge in house rents. In the same period, wages grew by 10.9 percent.

Mark Degotardi, CEO of CHIA NSW said that the data showed the heavy burden the housing crisis is placing on families and individuals, intensifying the broader cost-of-living crisis.

“The failure of the housing market has propelled rents to unprecedented heights.

“Today’s figures show the gravity of our housing crisis. The NSW Government can no longer ignore renters in this State. The pressure on low-income renters is just unbearable.”

Mr. Degotardi pointed to the record-high social housing waitlist in NSW, exceeding 57,000 families and individuals, underscoring the critical imperative for increased investment in social and affordable housing to address the escalating rent crisis.

“The social housing waitlist in NSW has 57,000 families and individuals desperate for help. Despite acknowledging the crisis, the Minns’ Government has fallen far behind the other states when it comes to investing into social and affordable housing.

“Premier Minns confirmed last week that the government will fall short of its target to build 75,000 new homes for this year.

“The private market cannot solve the crisis for low income renters.  It is time for the NSW Government to make a long overdue and significant investment into affordable and social housing that presents a tangible solution to the housing crisis.

“Community housing providers are ready to tackle the crisis, but we need the Minns Government to help work towards a long-term solution to this crisis,” Mr Degotardi said.

Media contact: Tamara Kotoyan, 0430 291 890