Prime Minister Anthony Albanese is being warned he risks losing the next election unless the cost of living crisis is resolved Rents are rising by double digits in almost every state capital.
Rents rose by double digits in Sydney, Melbourne, Brisbane, Adelaide and Perth last year, new data from SQM Research shows.
A record number of 454,400 migrants moved to Australia over the year to March and renters are suffering the most, including those in regional areas who now face increased competition for a place to live.
Rents in capital cities rose by 16.2 percent in the year to October, while vacancy rates in metropolitan cities fell to 1.1 percent.
Regional areas are also trickier for renters, with vacancy rates equally tight on the Gold Coast. the north coast of New South Wales And mining areas in northern Western Australia.
Last month, vacancy rates increased in 77.6 percent of Australian postcodes, meaning fewer investment properties were available to renters.
SQM Research director Louis Christopher said the rental crisis in major cities was spreading to regional areas, following the return of international students and knowledge migrants, while professionals who could work remotely moved out.
“Now we are seeing, from the second half of this year, rents tightening again in regional areas,” he told Daily Mail Australia.
‘To me this indicates that rental markets in the capitals are so tight, with rents rising to levels never seen before. I think many tenants are looking forward to living in the regions again.’
Mr Christopher said a shortage of new homes as construction companies go bankrupt could trigger a political backlash at the next election.
“What happens in the rental market is front and center for most people and the overall cost of living crisis is dire,” he said.
“If you’re a renter, the weekly rent is the biggest cost of living compared to food, compared to everything else.
“If the government wants to stay in government, they are going to have to resolve this very quickly because there will be a backlash at the next federal election.”
Prime Minister Anthony Albanese is being urged to focus his energies on Australia’s worsening cost of living crisis, as rents rise by double digits in almost every state capital.
Michael Bayliss, an environmental economist and spokesperson for Sustainable Population Australia, said the government must stand up to big business and reduce immigration to solve the housing affordability crisis.
“Most ordinary Australians know what it will take to stop the housing unaffordability crisis, and that takes power away from big business and developers,” he told Daily Mail Australia.
Mr Bayliss called on the Government to refocus on the cost of living following the defeat in the Voice referendum.
“It should not have been a distraction from other issues affecting ordinary Australians and that may have been one of the factors pushing some Australians to vote ‘no’ if there is distrust in the government,” he said.
A closer look at SQM Research data showed that major cities with higher rent increases were likely to have more voters vote ‘no’ to the Indigenous Voice to Parliament referendum.
In every mainland state capital, a majority of voters voted against the Voice and outside inland Newcastle and Wollongong, every regional electorate voted no. The Australian Electoral Commission revealed the referendum cost $450 million – more than the $364 million set aside in the election. Budget.
In Sydney, gentrified voters in the inner city and along the wealthy beaches voted overwhelmingly yes.
But they were among just eight of 27 in greater Sydney who supported the Voice.
This happened when 19 seats voted No, in a city where Rents for houses and apartments have risen 17.4 percent in the past year to $804.
Melbourne had twelve voters vote yes, but 18 of 30 still voted no in a city where rents have risen 17.8 percent in the past year to $596.
In Brisbane, three inner-city Greens voters voted yes, but 12 of 15 voters voted no, in a city where rents have risen 12.3 per cent to $628.
All eight voters in Adelaide voted no, with rents in the city rising 10.3 per cent in a year to $538.
Perth had just one electorate in 13 ‘Yes’ votes, in a city where rents have risen 18.6 per cent to $646.
Rents have risen by double digits in the past year in Sydney (Bondi rental queue, pictured), Melbourne, Brisbane, Adelaide and Perth, new data shows
In every mainland state capital, a majority of voters voted against the Voice (pictured are Sydney referendum signs)
Darwin’s only federal electorate, Solomon, cast a 65 per cent no vote in a city where rents have risen 9.3 per cent in the past year to $594.
But in cities where rents have fallen, a majority of voters voted yes.
All three voters in Canberra voted ‘yes’ and rents there fell by one percent to $639.
In Hobart, two out of three voters voted yes, in a city where rents fell 2.3 percent over the year to $483.
Minutes from the Reserve Bank’s October meeting showed interest rates could rise again in November as new Governor Michele Bullock has a “low tolerance” for inflation remaining high for too long.