Geelong tenants struggle to pay rent

By Staff Reporter

New research has shown that more than 4,500 households in the Corio electorate of Victoria are struggling to afford rent, the Geelong Advertiser has reported.

A study from Auspoll ranked the electorate fifth among Victorian suburbs where low income earners spent more than 30 per cent of their wages on rent.

Josephine Barnes, coordinator of Samaritan House, told the Geelong Advertiser rental stress was one of Geelong’s most serious and unexposed issues.

"It is almost impossible for anyone on a single Newstart Allowance to find affordable accommodation. Men end up in a hotel, but for women and children and families it's really hard," she said. "We know there are women and children who sleep in cars."

RP Data’s annual Rent vs Buy report has shown there are 34 suburbs in the Barwon region where it is cheaper to buy a property on an interest-only loan than it is to rent.

On a whole, Melbourne holds the second lowest number of suburbs across the state capitals where taking out a mortgage is cheaper than renting.

David Stolper, senior research partner at Auspoll, told the Geelong Advertiser the federal government could improve the situation by "incentivising the development of new homes".

"People are angry and frustrated by the lack of affordable housing, but this anger has yet to be directed at our political leaders," he said.

Recent Auspoll findings have shown that 84 per cent of Australian voters are more worried about housing affordability than education or border security.

Geelong tenants struggle to pay rent
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
BLUE BAY 49.18%