05 October 2023
Community Housing Industry Association NSW (CHIA NSW) says that NSW Government must address the growing housing crisis by investing in social and affordable housing, as new data shows the median asking rent for an apartment in Sydney rose by $130 dollars over the past 12 months to September.
The median asking rent price for apartments in Sydney has increased by 23.6 per cent and is now at a record high $680, according to the Domain data. Vacancy rates hit a record low of 0.9 per cent.
CHIA NSW CEO, Mark Degotardi said it’s clear the private rental market is failing Australians.
“Today’s figures show that more and more Australians are priced out of the private rental market. And when they turn to social and affordable housing, they are met with the daunting prospect of a queue of more than 56,000 other individuals and families,” said Mark Degotardi.
“The figures released today are stark. Rents have increased for nine consecutive quarters, which is putting enormous strain on everyday families who are just trying to keep their head above water.
“This data proves the private rental market alone cannot solve NSW’s chronic housing crisis,” Mr Degotardi said.
Mr Degotardi said in the face of an unprecedented housing emergency, the NSW Government must increase the supply of social and affordable housing.
“Premier Chris Minns is right to call for more housing supply, but it is critical that the housing system sees increased supply of social and affordable housing, not just unaffordable private rental housing.
“Hundreds of thousands of people in NSW are already paying unaffordable rents or experiencing homelessness. The Government needs to take urgent action to help low-income families by investing in a significant and secure pipeline of affordable and social housing.
“We urge the NSW Government to announce how it plans to spend the $610 million allocated by the Federal Government through its Social Housing Accelerator Fund. We also implore them to do their part and fund more social and affordable housing across NSW.
“Today’s data underscores what we already know; the private rental market is squeezing everyone but it’s particularly bad for those who are already struggling. The rising cost of rental properties will see more and more people driven into insecure housing and even homelessness.
“NSW used to be a leader in providing social and affordable homes, but after decades of neglect and underinvestment, we are now at the back of the pack.
“The Minns Government has recognised the housing problem – it’s now time to lead and act urgently to provide hope to struggling communities across the State.”
Media contact: Tanya Evans, 0424 156 146