Housing crisis deepens as Adelaide rents surge
South Australia’s housing crisis has reached a new low, with the cost of renting a unit in Adelaide jumping 10% in just 12 months.
The increase, revealed in today’s quarterly Domain Rental Report, is the largest in the nation and takes the average Adelaide unit rent to $550 per week.
State Liberal Leader Ashton Hurn said the double-digit increase is another blow for South Australians already struggling through a cost-of-living crisis.
“A family renting the average unit will now be paying $2600 more in rent per year than they were a year ago,” Mrs Hurn said.
“South Australia has always been considered an affordable place to live, work and raise a family, but sadly we are losing that reputation.
“This price hike comes as families grapple with the skyrocketing cost of fuel and groceries – it’s no wonder South Australians are struggling more than ever before.”
The report also revealed that South Australia’s average house rent has risen 2.4 per cent over the past quarter to a record $640 per week.
Meanwhile, the rental vacancy rate is one of the lowest in the nation at 0.4% and it’s feared the market will tighten even further if the Federal Labor Government proceeds with plans to reduce the Capital Gains Tax discount for landlords.
Shadow Minister for Housing Josh Teague said Labor Governments state and federal have failed at every turn when it comes to fixing the housing crisis.
“The government’s plan to address the state’s housing supply issue has been to open up more land, but not a single home has been built in any of those locations,” Mr Teague said.
“The Housing Minister needs to get on the phone with his federal counterpart to ensure that no changes are made to the Capital Gains Tax system.
“This will have a disastrous impact on South Australia’s rental market and only fuel the housing crisis.”
South Australia’s housing crisis has reached a new low, with the cost of renting a unit in Adelaide jumping 10% in just 12 months.
The increase, revealed in today’s quarterly Domain Rental Report, is the largest in the nation and takes the average Adelaide unit rent to $550 per week.
State Liberal Leader Ashton Hurn said the double-digit increase is another blow for South Australians already struggling through a cost-of-living crisis.
“A family renting the average unit will now be paying $2600 more in rent per year than they were a year ago,” Mrs Hurn said.
“South Australia has always been considered an affordable place to live, work and raise a family, but sadly we are losing that reputation.
“This price hike comes as families grapple with the skyrocketing cost of fuel and groceries – it’s no wonder South Australians are struggling more than ever before.”
The report also revealed that South Australia’s average house rent has risen 2.4 per cent over the past quarter to a record $640 per week.
Meanwhile, the rental vacancy rate is one of the lowest in the nation at 0.4% and it’s feared the market will tighten even further if the Federal Labor Government proceeds with plans to reduce the Capital Gains Tax discount for landlords.
Shadow Minister for Housing Josh Teague said Labor Governments state and federal have failed at every turn when it comes to fixing the housing crisis.
“The government’s plan to address the state’s housing supply issue has been to open up more land, but not a single home has been built in any of those locations,” Mr Teague said.
“The Housing Minister needs to get on the phone with his federal counterpart to ensure that no changes are made to the Capital Gains Tax system.
“This will have a disastrous impact on South Australia’s rental market and only fuel the housing crisis.”
This price hike comes as families grapple with the skyrocketing cost of fuel and groceries – it's no wonder South Australians are struggling more than ever before.
