Rental reality

Rental affordability across regional Victoria, including the High Country, has continued to deteriorate, falling to its lowest level on record, according to the 11th annual National Shelter–SGS Economics & Planning Rental Affordability Index (RAI) released on Monday. According to the report, affordability across regional Victoria has declined by three per cent on average. The average renting household, earning $87,320, now spends 28 per cent of its income on a median rental. Regional Victorian rents are classified as Moderately Unaffordable, with a RAI score of 107. The index notes that Housing All Australians has been included as a key partner for the first time, reflecting the role of business and public-private partnerships in the national housing response. RAI data indicates that: A single person on JobSeeker faces Extremely Unaffordable rents, spending 61 per cent of their income on rent. Single pensioners spend 38 per cent of their income, facing Severely Unaffordable rents. A single parent on benefits spends 43 per cent of their income on rent, also categorised as Severely Unaffordable. “Our frontline services are reporting major concerns around housing affordability with demand rising from renters who need our help,” Tenants Victoria CEO Jennifer Beveridge said. “We’re seeing more people on modest incomes, like teachers, emergency service workers and hospitality workers, forced to move away from their jobs, families and support networks.” Ellen Witte, Principal at SGS Economics & Planning, said rental affordability across regional Victoria has “deteriorated sharply since 2020”, citing population shifts from Melbourne, rising construction costs and a slowdown in new housing development as contributing factors. The report also examines the economic impact of housing pressures on regional communities. In a case study, it states that a “lack of worker housing crimps regional businesses and productivity in Victoria’s High Country.” The North East region—including the municipalities of Mansfield, Alpine, Benalla, Indigo, Murrindindi, Towong, Wangaratta and Wodonga—is estimated to be home to around 70,000 residents. Analysis by SGS found that housing-related worker shortages, spanning both skilled and unskilled roles, may be costing the region more than $200 million each year in foregone income, or approximately 2.5 per cent of regional GDP. A Mansfield rental snapshot from realestate.com.au highlights local conditions. According to the site: Median house rent in Mansfield is $585 per week, up six per cent based on 63 rental listings in the past 12 months. Rental demand has risen 21 per cent over the same period. Median unit rent is $525 per week, up seven per cent, based on 26 rentals in the past year. Rental demand for units has increased nine per cent.

Rental reality

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