THE Bellarine is among the most expensive places to rent in Victoria, with housing charities calling on governments to address the problem.<\/p>\n
Affordable housing advocates, Everybody’s Home, analysed rental data earlier this month for Homelessness Week, which highlighted region’s in rental stress.<\/p>\n
Property market researchers SQM found the Bellarine’s average rental cost $455 a week, up 5.1 per cent year-on year in the past three years.<\/p>\n
The problem across south-west Victoria was even worse; average asking rent was $473 in the region, up 11.1 YOY.<\/p>\n
It follows an Everybody’s Home analysis last month that found south-west Victoria had a vacancy rate of less than one per cent, and that asking rent had gone up 16 per cent in the 12 months to June.<\/p>\n
Other Everybody’s Home data indicates the rising prices are heaping further pressure on household budgets.<\/p>\n
Rental stress occurs when renters are spending more than a third of their income on rent.<\/p>\n
The group said in the Corangamite federal electorate, which includes the Surf Coast, Bellarine and parts of southern Geelong, 38.4 per cent of renters were under financial stress.<\/p>\n
For Corio, which takes in most of greater Geelong, the figure was 61.3 per cent.<\/p>\n
“We know that rental stress is the gateway to homelessness,” Everybody’s Home national spokesperson Kate Colvin said.<\/p>\n
“When you combine surging rents with flat wages you put people in a financial vice. For the past three years that vice has been tightening.<\/p>\n
“The recent change of Government represents an opportunity for a reset.”<\/p>\n
For a decade construction of new social and affordable housing has withered.<\/p>\n
“Now is the time to get moving and give people on low and modest incomes genuine choice.”<\/p>\n
SQM hopes the recent figures represent a peak in housing stress after seeing signs of easing pressure in recent weeks.<\/p>\n
In the 30 days to July 14, the researcher found that asking rents were down one per cent on the Bellarine and 2.6 per cent in south-west Victoria.<\/p>\n","protected":false},"excerpt":{"rendered":"
THE BELLARINE is among the most expensive places to rent in Victoria, with housing charities calling on governments to address the problem. […]<\/p>\n