!!!January 11, 2024
Locally owned and independent
The Northern Rivers Times
REAL ESTATE NEWS 39
Mid year economic update must confront growing housing and homelessness crisis By Jeff Gibbs The housing and homelessness crisis, as revealed by Homelessness Australia’s recent analysis, demands urgent attention within the Federal Government’s mid-year economic outlook. The report indicates a 6.2% surge in demand for services among affected individuals, while funding for these critical services continues to dwindle. Kate Colvin, chief executive of Homelessness Australia, emphasized the dire situation: “Homelessness services are strained to their limits, now overwhelmed by extraordinary demand. Rather than receiving additional resources in these critical times, we’re bracing for funding reductions.” Rapidly escalating rents, coupled with historically low vacancy rates, are propelling
Average number of people using homelessness services each month for reasons relating to financial stress, housing crisis or accommodation issues Jan-Sep 2022
90,262
Jan-Sep 2023
95,862
Percentage change
6.2%
more Australians to the edge of homelessness. Since July 2020, rents have climbed by 30.4%, reaching an unprecedented median weekly rental cost of $588. Cities like Perth, Melbourne, and Sydney have seen the most significant spikes.
Between January and September 2023, an additional 5,600 individuals sought homelessness assistance each month due to housing crisis-related issues, compared to the same period in 2022. Despite this heightened demand, funding for
homelessness services is declining in real terms. Furthermore, the imminent expiration of the National Housing and Homelessness Agreement in June 2024 presents a looming $73 million funding gap, imperilling the future of these crucial services.
Kate Colvin underscored the gravity of the situation: “More Australians are at risk of resorting to temporary accommodations, such as friends’ couches or makeshift living arrangements. The Government must take decisive action
by offering additional income support for lowincome households to manage soaring rental costs. Additionally, a $450 million emergency investment in homelessness services is imperative to bolster their capacity in addressing the escalating demand.” While Homelessness Australia’s recent submission to the National Housing and Homelessness Agreement outlines a comprehensive reform agenda, including substantial investment in social housing and support for various vulnerable groups, the urgency necessitates immediate intervention. “This isn’t solely a plea for funding; it’s a plea to safeguard lives and reinstate dignity for countless Australians grappling with the direst circumstances,” emphasized Colvin.
Auction
Investor opportunity
6 Unit’s Each With : 6 Bed I 1 Bath I 1 Car
0418 231 955
vickicooper@atrealty.com.au www.vickicooper.com
Exciting opportunity to purchase a block of 6 units in Lismore, out of flood zone. Close to Lismore Base hospital, Southern Cross Uni, Local shopping Centre and public transport. These units offer both ground floor and 1st Floor units. They are spacious and being sold as is. Renovate or update to maximise rental returns and offered as vacant possession.
Call Vicki to discuss and inspect by appointment.
