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Prime Minister Anthony Albanese is warned he risks losing the next election unless the cost of living crisis is resolved – with rents are increasing by double digits in almost every state capital.
Rents have increased by double digits in Sydney, Melbourne, Brisbane, Adelaide and Perth over the past year, according to new data from SQM Research.
A record 454,400 migrants moved to Australia in the year ended March and renters are suffering the most, including those in regional areas who now face increased competition for a place to live.
Rents in the capital jumped 16.2 per cent in the year to October as the metropolitan rental vacancy rate fell to 1.1 per cent, with the crisis deepening as the government was focused on the Voice referendum.
Regional areas are also tougher places for renters, with vacancy rates similarly tight on the Gold Coast, the north coast of New South Wales And mining areas of northern Western Australia.
Last month, rental vacancy rates tightened in 77.6 per cent of Australian postcodes, meaning fewer investment properties were available for renters.
SQM Research managing director Louis Christopher said the rental crisis in major cities was now spreading to regional areas, following the return of international students and skilled migrants.
Professionals who could work remotely returned to the regions, as was the case during the Covid confinements.
“Now we are seeing, basically from the second half of this year, that the regional areas in terms of rents are tightening up again,” Mr Christopher told Daily Mail Australia.
Prime Minister Anthony Albanese is being urged to focus his energy on Australia’s deepening cost of living crisis as rents rise by double digits in almost every state capital.
“To me this suggests that rental markets are so tight in the capital cities with rents rising to levels never seen before, I think many tenants are looking to return to live in the regions.”
Mr Christopher said a shortage of new housing, as builders went bankrupt, could trigger a political backlash at the next election.
“What’s happening in the rental market is front and center for most people and the overall cost of living crisis is appalling,” he said.
“If you rent, weekly rent is the highest cost of living, after food, compared to everything else.
“If the government wants to stay in power it will need to resolve this issue very quickly because there will be backlash at the next federal election.”
Michael Bayliss, ecological economist and spokesperson for Sustainable Population Australia, said the government needed to stand up to big business and reduce immigration to solve the housing affordability crisis.
“Most Australians know what needs to be done to end the unaffordable housing crisis and it takes power away from big business and property developers,” he told Daily Mail Australia.
Mr Bayliss called on the Government to refocus on cost of living issues following the Voice referendum defeat.
“This should not have distracted from other issues affecting ordinary Australians and may have been one of the factors that led some Australians to vote no, if there was a distrust of the respect of the government,” he said.
A closer look at SQM Research data showed that larger cities with higher rent increases were more likely to see more voters vote no in the referendum on the Indigenous voice in Parliament.
In every state capital on the mainland, a majority of voters voted against The Voice and, outside the city centers of Newcastle and Wollongong, all regional voters voted no, with the Australian Electoral Commission revealing that the referendum cost $450 million, more than the $364 million provided in the bill. Budget.
In Sydney, well-off voters in deprived areas and beaches voted overwhelmingly yes.
But they were among just eight out of 27 in greater Sydney to support Voice.
This happened as 19 seats voted no, in a city where House and unit rents jumped 17.4 percent over the past year to $804.
Melbourne had 12 Voters are voting yes, but 18 out of 30 still voted no in a city where rents jumped 17.8 percent over the past year to $596.
Brisbane saw three inner-city Green voters vote yes, but 12 out of 15 voters voted no in a city where rents rose 12.3 per cent to $628.
All eight Adelaide voters voted no as rents in the city rose 10.3 per cent to $538 in a year.
Perth had just one electorate in 13 voting yes, in a city where rents jumped 18.6 per cent to $646.
Rents have risen by double digits in Sydney (Bondi rent queue, pictured), Melbourne, Brisbane, Adelaide and Perth over the past year, new data shows.
In every state capital on the mainland, a majority of voters voted against The Voice (pictured, referendum placards in Sydney)
Darwin’s lone federal electorate, Solomon, voted 65 per cent no in a city where rents have risen 9.3 per cent over the past year to $594.
But in cities where rents fell, a majority of voters voted yes.
All three Canberra voters voted yes and rents there fell 1 per cent to $639.
In Hobart, two of its three voters voted yes in a city where rents fell 2.3 per cent over the year, to $483.
Reserve Bank October meeting minutes suggest rates could rise again in November because new governor Michele Bullock has ‘low tolerance’ for inflation remaining high for too long a long time.