Community Housing Industry Association Victoria says new figures showing record high rents in Melbourne highlight the urgent need for a long-term funding pipeline and delivery plan for more social and affordable housing.
Figures released today by Domain show Melbourne’s median apartment rent hit $450 per week last month – up 20 per cent from a year earlier. The report says it’s the steepest annual growth ever to be seen for the city.
Analysis by the national arm of CHIA last year found more than 146,100 Victorian households can’t afford the homes they need. This will balloon to 223,200 by 2041 if there’s no intervention. It found three of Australia’s top ten highest areas of unmet housing need are in Melbourne.
CHIA Victoria acting CEO Jess Pomeroy said more social and affordable housing is an important part of solving the rental crisis.
“More and more Victorians are being priced out of the rental market and presented with limited options for a secure home. While rents in Victoria remain high and vacancy rates tight, the need for more social and affordable housing will only continue to grow,” she said.
“The state’s historic investment in the Big Housing Build has been a solid start to correct the decades of under investment in social housing. But clearly it’s not enough, and even with the Commonwealth’s housing commitments Victoria won’t be able to meet growing housing need.
“Victoria needs at least 60,000 new social homes over the next decade – that’s 6,000 units every year – to meet the growing need.
“We’re calling on the Victorian Government to extend its extraordinary investment in social housing by committing to a long-term pipeline of funding to build the homes that Victorians need, and heavily involve not-for-profit community housing organisations who can provide the best value for money.”
