Unaffordable Australia - April 2024 Data Analysis

Unaffordable Australia

The Surprising Income You Need to Rent Comfortably

MCG Quantity Surveyor's April 2024 data release "Unaffordable Australia" serves as an important document for understanding the challenges of rent affordability across the country. By examining the top 10 suburbs in NSW, VIC, QLD, SA, WA, and TAS with the most significant income gaps, our analysis offers insights into one of the critical economic issues facing Australians today.

Key findings demonstrate that in places like Byron Bay, Mermaid Waters, and Noosaville, residents would need to substantially increase their income to afford rent at a rate that does not exceed 30% of their income. This gap not only places considerable stress on individuals and families but also has a detrimental effect on local economies.

This report presents a detailed analysis of the rent affordability crisis across Australia, focusing on the substantial gap between current incomes and what is necessary to afford rent without financial strain. We emphasise the need for a collaborative approach to improve rent affordability, ensuring the viability of Australia's most attractive locations for a wider range of the population, thereby supporting the overall health of the nation's local economies.

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