Half of renters feel hopeless about housing,
Half of renters feel they have no choice but to lease, with few holding out hope of ever buying a home.
New research conducted by YouGov for the Property Council of Australia revealed that half of tenants believe renting is their only option.
Moreover, four in ten respondents expressed doubt that they will be able to afford a home within the next five years.
These figures emerge as the Albanese government presents two significant components of its housing policy to the Senate.
The two initiatives are the Help to Buy and Build to Rent bills, aimed at addressing the housing crisis.
The Build-to-Rent legislation will incentivize property developers to construct homes specifically for renting, offering attractive tax incentives.
Currently, there are a few build-to-rent towers under construction in major capital cities, designed solely for leasing purposes.
Additionally, eight in ten survey respondents indicated that they perceive a lack of affordable housing in their areas.
This lack of affordable options ranked as the second-greatest concern in their lives, just behind the rising cost of living.
In a joint statement, the Property Council of Australia, National Shelter, and the Community Housing Institute of Australia identified build-to-rent projects as a solution.
They argue that these projects are the most cost-effective way to add 105,000 rental properties to the nation’s housing supply.
Property Council of Australia chief executive Mike Zorbas urged the Senate to support the proposed legislation.
“With appropriate amendments, this legislation represents the most effective and affordable means for the Federal Parliament to add 105,000 new rental homes.”
Zorbas emphasized that this addition is crucial for increasing housing supply across Australia over the next decade.
Housing Minister Clare O’Neil and Prime Minister Anthony Albanese have also called on the Greens in the upper house.
Earlier, the Greens joined the Coalition to oppose the government’s housing agenda, making their support for this legislation significant.
They are urged to see this important piece of legislation through to completion for the benefit of all Australians.
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CHIA CEO Wendy Hayhurst stated that passing the bill could “rapidly inject” 1,200 homes into the market.
This addition is crucial as tenants continue to face steep price increases amid a constrained supply chain.
“The Senate has the power to make a real difference this week,” she emphasized.
She added, “The housing crisis demands immediate action, and this bill provides a concrete solution.”
John Engeler, CEO of National Shelter, highlighted that more build-to-rent projects would enhance housing security for “countless” Australians.
