A recent article in the Sydney Morning Herald reported on the median house/unit prices to annual earnings ration. In Sydney, in 1981, it took 5 times the average full time earnings to buy a home (average $78,900). In 2021, it takes 14 times the average earnings to buy a home, average $1.311million. The statistics are from a new report, The Fading Australian Dream. Not only are house prices increasing, rental prices increase too. There is currently a shortage rental properties attributed to the number of landlords selling their rentals to capitalise on the increased property value.
It is tragic and shameful that older women who have experienced a life shock such as divorce, legal problems or illness, are now facing homelessness.
The Home at Last service by Housing for the Aged Action Group in Victoria offers one-on-one support to older people at risk of a housing crisis or homelessness. We are working with Ageing on the Edge NSW Forum to advocate for a similar service in NSW.