X-factor making some homes $1.3 million dearer than neighbours
Share this @internewscast.com

Over a million households in Australia are now facing severe housing stress, as highlighted by a recent report from the nation’s leading health organization.

The latest annual report from the Australian Institute of Health and Welfare examines various indicators of Australia’s progress, including life satisfaction, employment, and education.

While Australia performs well in comparison to other countries within the OECD (Organisation for Economic Cooperation and Development) in many areas, the report indicates a significant rise in financial pressures.

More than a million households are experiencing housing stress. (Getty)

The findings show that approximately 1.3 million low-income households are expected to endure housing stress during 2024-25, spending over 30% of their disposable income on housing costs.

Between June 2006 and June 2024, the number of social housing units in Australia grew by 45,200.

Nevertheless, social housing represented only 4.1% of all households in 2024, down from 4.8% in 2011.

Specialist homelessness services supported about 280,000 people in 2023–24 who were either homeless or at risk of homelessness.

Nearly half (45 per cent) of the children and young people aged 15 to 24 who presented alone to agencies for support were still experiencing homelessness when their support ended in 2023–24.

And the housing system is letting others down too.

Hardest postcodes to find a rental

The most difficult places in Australia to find a rental

“Home ownership rates are falling with fewer young people owning their own home,” AIHW spokesperson Louise Gates said.

“Between 2014 and 2024, the median transfer price for established houses in capital cities, where most Australians live, increased substantially.”

Home ownership rates declined from 50 per cent to 36 per cent among people aged 25 to 29, and from 64 per cent to 50 per cent for those aged 30 to 34, between 1971 and 2021.

Share this @internewscast.com
You May Also Like
Man, woman arrested after four alleged attempted carjackings in Bunnings car park

Pair Arrested in Bunnings Car Park Following Four Attempted Carjackings: A Shocking Crime Spree

A dramatic police operation led to the arrest of a man accused…

French Prime Minister Sebastien Lecornu Successfully Overcomes No-Confidence Challenges

French Prime Minister Sébastien Lecornu survived two confidence motions Thursday, just days…
Rock legend dies aged 74

Legendary Rock Icon Passes Away at 74

Ace Frehley, the original lead guitarist and a founding force behind the…
'Inconsistencies' found during investigation into toddler's susicious death

Investigation Uncovers Discrepancies in Toddler’s Suspicious Death Case

Investigators are intensifying their appeal for information regarding the suspicious death of…

The Critical Situation Unfolding in Gaza

As the first phase of the ceasefire unfolds, humanitarian organisations in Gaza…
Prince Andrew, Duke of York

Prince Andrew Relinquishes Duke of York Title and Royal Honours

The move comes ahead of the posthumous release of Virginia Giuffre’s memoir…

Australian Military Prepares for Potential Troop Deployment to Gaza Amid Rising Tensions

The Australian Defence Force (ADF) is making contingency plans for deploying troops…

Trump Plans Face-to-Face with Putin: A Strategic Talk on Ukraine After Promising Call

United States President Donald Trump has said he’d meet Russian counterpart Vladimir…
Australia's deadliest jobs revealed

Unveiling Australia’s Most Dangerous Professions: A 2023 Analysis of Workplace Fatalities

A mere six sectors accounted for a staggering 80% of workplace fatalities…
Missing four-year-old Gus

Unraveling Hope: Missing Boy’s Search Ends Without Closure

The extensive search for four-year-old Gus Lamont, who went missing in South…

Surprise Unemployment Data: How It May Impact Your Mortgage Repayments This Week

A surprise uptick in unemployment could be a silver lining for Australian…

Australia’s Growing Economic Disparity Reaches Unprecedented Levels: A Nation Divided

Australians are reporting the highest levels of financial stress in over a…