Rental properties ‘out of control, severely unaffordable’ on region’s coast, new data reveals
New data has revealed renters are stretching their budgets to the limit, with properties along the Geelong region’s coast the most expensive in regional Victoria.
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Rental properties along the region’s coast are the most expensive in regional Victoria, new data has revealed.
Residents in Torquay (3228), Barwon Heads and Ocean Grove (3227) are paying the highest amount in rent across regional areas and stretching their budgets to the limit, according to the latest data from National Shelter and SGS Economics and Planning’s rental affordability index, released on Tuesday.
Residents living in these postcodes will spend an average of 38 per cent of their income on rent.
Data also showed rental affordability in Apollo Bay has declined from “acceptable” to “severely unaffordable” since 2019.
Council to Homeless Persons chief executive Deborah Di Natale said the data was “shocking but not surprising”.
“There simply isn’t enough community and public housing in Geelong and the Surf Coast,” she said.
The Surf Coast Shire stated in its 2022-23 annual report that rental affordability was one of the municipality’s biggest challenges.
According to the report, the median rent across the shire is $600, which puts stress on households earning up to $104,000 annually.
Ms Di Natale said it was “close to impossible” for households to keep up with rents like this.
“Renters are at the eye of the cost of living storm,” she said.
“Putting $4 in every $10 towards rent is simply unsustainable and just shows the enormous housing stress people are under across the Surf Coast.”
Ms Di Natale said the figures were also concerning as they looked at the average income.
“For anyone paid less than the average, it’s an even greater share,” she said.
Maiy Azize, spokeswoman for national campaign Everybody’s Home, which seeks to fix the housing crisis, said renting a home anywhere in the country had become “completely unaffordable for working households” and “totally out of reach” for people on income support.
“The growing rates of housing stress across the country are getting to be out of control,” she said.
“Renters are stretching their budgets to the limit, often at the expense of basic necessities.”
Ms Azize said it was vital for the government to strengthen the rights of renters by putting limits on rent increases.
“The growing number of Australians who will be lifelong renters deserve a housing system that works for them, not against them,” she said.
Ms Di Natale urged the state government to build at least 60,000 social housing homes across the state over the next decade, including across Geelong and the Surf Coast.
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