Well, a new report has revealed the average oussie now needs a six figure income to comfortably afford to rent, with a single person requiring around one hundred and thirty thousand dollars to meet the asking price for a standard unit in our capital cities.

Well, a new report has revealed the average oussie now needs a six figure income to comfortably afford to rent, with a single person requiring around one hundred and thirty thousand dollars to meet the asking price for a standard unit in our capital cities.

Couldn't believe it when I read it. The twenty twenty five Priced Out Report warns the crisis is no longer only being felt by low income earners. Instead, those now on big money are feeling a big pinch too. To break it down, we're joined by a chief economists at ray White Narrati Economy. Great to have you with us. So how can people work out how much they can afford to spend weekly on rent?

Couldn't believe it when I read it. The twenty twenty five Priced Out Report warns the crisis is no longer only being felt by low income earners. Instead, those now on big money are feeling a big pinch too. To break it down, we're joined by a chief economists at ray White Narrati Economy. Great to have you with us. So how can people work out how much they can afford to spend weekly on rent?

Well, we typically define affordability of spending thirty percent of your household income either on rent or mortgage payments. So if you're earning, say one hundred thousand dollars, that would be thirty thousand dollars per annum on rent.

Well, we typically define affordability of spending thirty percent of your household income either on rent or mortgage payments. So if you're earning, say one hundred thousand dollars, that would be thirty thousand dollars per annum on rent.

Okay, So let's go around the country and find out how much OSSI is really need to be making to rent around the country. Let's start with Brisbane.

Okay, So let's go around the country and find out how much OSSI is really need to be making to rent around the country. Let's start with Brisbane.

So Brisbane has gone up a lot, and you need for a house. You need on average around one hundred and seven thousand average household income, So this has increased dramatically and is still increasing, which is quite alarming for a lot of rentals in Brisbane at the moment.

So Brisbane has gone up a lot, and you need for a house. You need on average around one hundred and seven thousand average household income, So this has increased dramatically and is still increasing, which is quite alarming for a lot of rentals in Brisbane at the moment.

This is going to be really revealing as we go on. So what about Sydney.

This is going to be really revealing as we go on. So what about Sydney.

Sydney is the highest obviously it is the highest, highest incomes but also the highest rent so on average one hundred and thirty thousand household income required for a house, a little bit less for a unit, but actually not that much less.

Sydney is the highest obviously it is the highest, highest incomes but also the highest rent so on average one hundred and thirty thousand household income required for a house, a little bit less for a unit, but actually not that much less.

Wow, Melbourne.

Wow, Melbourne.

In Melbourne it has become a little bit cheaper. We're not quite seeing the same level of rental growth in Melbourne, but still just under one hundred thousand for a house and for a unit around ninety five thousand.

In Melbourne it has become a little bit cheaper. We're not quite seeing the same level of rental growth in Melbourne, but still just under one hundred thousand for a house and for a unit around ninety five thousand.

What about Hobart.

What about Hobart.

Hobeurt rents have actually declined but still pretty expensive. As you can see, they're almost the same as Melbourne, So average averaging household income of around ninety five thousand. Units are a lot cheaper, but you're probably not getting a particularly high quality unit for that. And Adelaide. Adelaide, again they've gone up a lot, but you're still looking at around one hundred and two thousand. So actually Adelaide is now more expensive to rent than Melbourne on average, which which is quite a turnaround for that city because it always has been quite affordable.

Hobeurt rents have actually declined but still pretty expensive. As you can see, they're almost the same as Melbourne, So average averaging household income of around ninety five thousand. Units are a lot cheaper, but you're probably not getting a particularly high quality unit for that. And Adelaide. Adelaide, again they've gone up a lot, but you're still looking at around one hundred and two thousand. So actually Adelaide is now more expensive to rent than Melbourne on average, which which is quite a turnaround for that city because it always has been quite affordable.

It's been a property boom in Perth, hasn't there the last couple of years. What about rent?

It's been a property boom in Perth, hasn't there the last couple of years. What about rent?

Yeah, Perth rens have gone through the roof and actually they've flowed a bit but still increasing very very quickly. So to rent at the moment is around one hundred and sixteen thousand. So again, you know, when we have a look at where we were sort of four years ago prior to the pandemic, was well under one hundred thousand, so you know, people's wages haven't increased by that much, but rents certainly have.

Yeah, Perth rens have gone through the roof and actually they've flowed a bit but still increasing very very quickly. So to rent at the moment is around one hundred and sixteen thousand. So again, you know, when we have a look at where we were sort of four years ago prior to the pandemic, was well under one hundred thousand, so you know, people's wages haven't increased by that much, but rents certainly have.

Yeah, that's why everyone is putting cost of living as their number one priority before the election narrative.

Yeah, that's why everyone is putting cost of living as their number one priority before the election narrative.

Thanks you.

Thanks you.

Yep, that was the stark reality

Yep, that was the stark reality