Renters priced out of Australia’s top suburbs, new study reveals

A recent study by MCG Quantity Surveyors has shed light on the striking income disparity renters face in Australia’s most sought-after suburbs. The report, titled “Unaffordable Australia: The Surprising Income You Need to Rent Comfortably,” highlights the top 10 suburb areas across Australian capital cities and states where the gap between current incomes and the income necessary to afford rent comfortably is most pronounced.

Mike Mortlock, Managing Director of MCG Quantity Surveyors, commented on the report’s findings, saying, “This study reveals the harsh reality many Australians face—a reality where the dream of living in a prime location is increasingly out of reach due to the widening gap between wages and rental prices.”

The report not only identifies the top 10 affected suburbs but also explores the broader implications of this income gap on local economies. Mortlock added, “When a significant portion of a household’s income is dedicated to rent, there’s less available for other expenditures. This isn’t just a problem for renters; it’s a challenge for the entire local economy.”

The study emphasizes the critical need for affordable housing solutions, with Mortlock urging policymakers and industry stakeholders to consider the report’s findings as a call to action. He asserted, “We need innovative solutions to bridge this affordability gap. It’s imperative for the sustainability of our communities and the overall health of our economy.”

The “Unaffordable Australia” report serves as a stark reminder of the growing challenges faced by renters in Australia’s most desirable locations, underlining the need for collaborative efforts to address the widening income-rent disparity and its impact on local communities and economies.