10 per cent jump for local renters

RENTERS in the Mildura area are paying almost 10 per cent more on rent than they were a year ago.

According to real estate analysis company CoreLogic, the median rental value of a home in the Mildura region increased 9.7 per cent in the twelve months to July.

For units, the value increased by 9.3 per cent.

The current median rental value is $430 for houses and $315 for units.

Irymple is still the most expensive Sunraysia town to rent at $481 a week. The town’s values increased 11.7 per cent over the past year.

Red Cliffs had the most affordable rate at $388 a week, but this is still up 10.2 per cent from last year.

The vacancy rate for North West Victoria is still low at 0.61 per cent, meaning there is low supply to meet the area’s rental demand.

A report by national housing campaign Everybody’s Home has revealed more than four in five renters and over two-thirds of people are experiencing housing stress as a result of the rental crisis.

The campaign surveyed over 450 people and found that 75 per cent were scared about their financial security and 66 per cent of people were worried about their mental health and wellbeing.

Everybody’s Home spokesperson Maiy Azize said the human cost of the housing crisis and inaction is grim.

“We’ve heard from people worried they will become homeless with their children, renters in extreme hardship, and older women who are considering sleeping in their cars or on the streets because they can’t find an affordable home,” she said.

“Others told us they feel hopeless, anxious and scared because they’re homeless or are at risk.

“Even people who own their own home are worried about what the future holds for their children.”

One respondent to the survey said they were “terrified I won’t be able to rent anymore if the prices keep going up”.

“I’m in tears right now because I have to move due to the owner moving back in… I feel alone in all of this.”

Another said: “I worry about the future of my children who (can’t) even get affordable rentals at all.”

Ms Azize called on the government to build more social and affordable housing for people under extreme rental stress.

“Our shortfall is so big that some people in our survey have been waiting (for social housing) for over a decade,” she said.

“Social housing is the best way to free up cheaper rentals and boost the supply of affordable homes.

“The Federal Government must create 25,000 new homes each year to meet the social housing shortfall.”

Click here to read why one local agent thinks a rent cap is a bad idea for renters