‘No choice but to rent’: Calls for reform to address housing crisis

Over half of renters across the country feel as if they have no choice but to rent, and four out of 10 said they won’t be able to buy a home in the next five years, according to the Property Council of Australia (PCA).

Government first home buyer grants aren’t cutting it, with 37 per cent of respondents saying they qualify for the support but still can’t afford to buy. Furthermore, 79 per cent said there is a lack of affordable housing supply in their area.

There have been calls to reform policy to address the housing crisis facing Australia to expand rental supply and provide more support for first home buyers.

The joint call from the PCA, National Shelter, and the Community Housing Industry Association is pushing for these changes, and noted that if legislation passes with proposed changes, 105,000 new homes could be delivered over the next decade, including 10,500 affordable rentals.

“With the right amendments, this legislation is the best and cheapest way for the federal Parliament to add 105,000 new rental homes to supply across Australia over the next decade,” said PCA CEO Mike Zorbas.

“This is two and a half times the number of new homes to be delivered under the welcome Housing Australia Future Fund.”

Senator David Pocock has endorsed these calls for reform, highlighting the need for cohesion in addressing housing issues.

“Solving Australia’s housing crisis requires us all to work together to help deliver new supply. The Parliament needs to put politics to one side and listen to what people are saying they want when it comes to policies that will deliver more affordable housing,” Pocock said.

Senator Jacqui Lambie, member for Curtin Kate Chaney MP, member for North Sydney Kylea Tink MP, member for Kooyong Dr Monique Ryan MP, and member for Wentworth Allegra Spender MP have also come together to endorse these reforms.

“There’s no silver bullet for housing – we need all the solutions and we need them now,” Chaney said.

“The first Build to Rent project in Australia was opened in Subiaco in my electorate in 2019 and has been close to 100 per cent capacity ever since. It has to be part of the solution – we need more homes. Politicians need to stop using policies like Build to Rent to score points and get on with it.”

Ryan said: “The housing crisis is three decades in the making. The major parties have repeatedly failed – at both a federal and state level – to plan for our housing needs. Young Australians fear they’ll never be able to buy a home of their own. Every policy lever needs to be pulled on housing – with strength and with urgency. Australia needs the Liberals, the Nationals and the Greens to stop blocking progress on housing.”

Low vacancy rates for rentals have become “the new normal” the Real Estate Institute of Queensland (REIQ) said.

“We need to be working towards achieving a healthy vacancy rate that meets the housing needs of all Queenslanders and supports the state’s growth,” REIQ CEO Antonia Mercorella said.

“That’s why the Crisafulli government’s pledge to deliver 1 million homes by 2044 – including 53,000 new social and affordable homes – is critically important, as is fostering an investment-friendly regulatory environment.”

The Real Estate Institute of Victoria (REIV) shares different sentiments, however. CEO Kelly Ryan believes that addressing housing supply isn’t the only solution.

“While the government’s recent action to boost housing supply is welcomed, it fails to attract rental providers who are exiting the market at an unprecedented rate. At a time when Victoria needs greater rental supply, these announcements again target a market that has seen constant regulatory change,” Ryan said.

“A good rental ecosystem depends on both rental providers and renters receiving mutual benefit. We urgently need the introduction of incentives that keep rental providers in the market and supplying homes, rather than more change. What we don’t need is more regulation that makes it harder to build investor confidence.”

With a reported 61 per cent of Aussies in support of these reforms, it will be interesting to see whether anything substantial comes from these calls.

[Related: Housing supply challenges persist despite government initiatives

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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