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23 Aug 2022 19:26:06 UTC
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Australian residents are now facing homelessness for the first time in their lives. Mayhem by 2025
Australia’s housing crisis is impacting a lot more than people’s ability to find a home, with the problem blowing an economic hole in our economy.

Millions of Australians are feeling the impact of the worsening crisis, with skyrocketing rental prices and a lack of availability meaning many residents are now facing homelessness for the first time in their lives.

Now, the flow on effects of the situation are really starting to be felt – particularly in regional areas – with employers struggling to attract staff due to the lack of affordable housing for potential employees.

A special Impact Economics analysis of five regional economies commissioned by Everybody’s Home has shined a light on the connection between increased rents, low vacancy rates and unfilled job vacancies.

The study looked at housing in the Queensland Sunshine Coast, NSW South Coast, Launceston-North East Tasmania, SA Fleurieu Peninsula and Geelong/Surf Coast in Victoria.

The results found the shortage of affordable housing in these areas is burning a $2.6 billion hole in the local economies by directly undermining the capacity of employers to attract staff.

Kate Colvin, national spokesperson for the Everybody’s Home campaign, said the chronic lack of affordable housing in regional communities is “more than a social crisis”, branding it a “deep economic crisis” as well.

“The inability to find a rental and eye watering rent increases for the few places available is deterring people from taking up jobs in regional communities,” she said.

“Employers tell us constantly that prospective employees tell them they can’t move to the community if they can’t find a place to live.

“Our completely lopsided housing system is choking off the economic potential of regional Australia.”

Let’s take a look at the shocking economic impact this crisis is having on our regional communities.

The Sunshine Coast has seen a 36 per cent rise in average rent prices since March 2020.

The study found 39 per cent of low income households are experiencing severe rental distress, which is a 15 point increase since March 2020.

In that time, the number of job vacancies have jumped from 1415 to 3678, resulting in a lost economic output of $786 million per year.

Taking a look at Victoria’s Geelong/Surf Coast area, there has been a 17 per cent rise in rental prices since March 2020, with the number of households experiencing rental stress increasing by five points to 26 per cent in that same period.

The number of job vacancies has jumped by a massive 133 per cent from 1454 to 3401.

This means the lost economic output due to vacant jobs is sitting at $760 million per year.

Over in NSW, the Illawarra/South Coast region has seen a huge 41.7 per cent increase in rental prices, with the number of low income households are experiencing severe rental distress increasing 20 points to 46 per cent.

As a result, the region is experiencing a lost economic output of $642 million following the number of job vacancies increasing to 1333 from 2848 since March 2020.
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https://www.youtube.com/watch?v=5ixE50qvTms
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