With rents and property prices continuing to hit record prices in parts of Australia, some are finding it next to impossible to find somewhere to live.
An Aussie grandmother has dug deep to put a roof over her daughter's and grandchildren's heads amid the country's housing crisis.
With rents and property prices continuing to hit record prices in parts of Australia, some are finding it next to impossible to find somewhere to live.
Domain chief of research and economics Dr Nicola Powell told Yahoo Finance there have been record low vacancy rates noted in many cities this year, which makes finding a suitable rental even harder.
Kaitlyn Bailey sent in more than 150 rental applications in just one small area of NSW and was knocked back for every single one.
"I don't want to be homeless with all my kids - I just can't bear to do that," she explained to 60 Minutes Australia.
RELATED
Major backflip proves rent cap 'lunacy' won't save Australia: 'It is snake oil'
Rare $2 coin worth $3,000 found in spare change from servo: ‘Very uncommon’
Young Aussie 'bored with full-time work' makes dangerously common sacrifice: 'Numb'
"I'm not a [bad tenant], I keep the house clean, always paid bills and never had a problem."
She was saved from being on the streets by her mother, Karen, who decided to dip into her superannuation to secure a loan.
The grandmother used that emergency money to buy a $138,000 portable home that she put in her backyard to give Kaitlyn and her kids somewhere to live.
"I feel for my kids, I've tried to do the best for them with what I've had," Karen told the Channel 9 programme.
"I just hate them seeing them going through this because I hate seeing them upset."
Moving in with family, friends or strangers just to get by
While the 58 square metre home has everything Kaitlyn needs, Karen admitted that their situation was representative of a problem faced by many across Australia.
The grandmother said families are being brought back together out of "necessity" to survive the housing crisis.
Kaitlyn added: "You all have to survive at the end of the day. And it's very, very hard these days."
Finder research released this year revealed one in 10 Aussies, equivalent to 2.5 million people, have moved into shared housing recently.
Some now share a roof with friends, strangers or family members due to soaring rents, unaffordable mortgage repayments, or the rising cost of living.
"Rents and mortgages have gone through the roof – they are the number-one source of financial stress in Australia and people can no longer cut costs elsewhere to get by," Graham Cooke, head of consumer research at Finder, said.
Is there a light at the end of the rental tunnel?
Commonwealth Bank Australia’s (CBA) latest economic insights report revealed rents are growing at their fastest pace in more than a decade as demand for housing outstrips supply.
But economist Stephen Wu said there could be some reprieve between now and the end of 2024, as advertised rent growth has slowed in Sydney and Melbourne, the country’s two largest rental markets.
Wu added that rent inflation should moderate from their elevated pace of growth but it would be a “gradual” trend.
“With the ongoing slowing in population growth, shifts in household formation are increasing average household size and beginning to moderate the demand for housing while supply growth remains constricted,” he explained.
“Advertised rents add to the weight of evidence that rents inflation can slow (albeit gradually) from here.”
The marked change in household formations are in addition to rents growing at an annualised pace of nine per cent - the fastest since 2008.
- with NCA Newswire
Get the latest Yahoo Finance news - follow us on Facebook, LinkedIn and Instagram.
以上是Aussie grandmother digs deep to put a roof over her daughter's and grandchildren's heads amid the country's housing crisis的詳細內容。更多資訊請關注PHP中文網其他相關文章！
