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We are renting houses in Australia and the prices are out of control, the Australian Property Brokers Association (APBA) said on Thursday, adding that it is «a significant and growing problem».
The APBA has warned that home prices in the major cities of Sydney, Melbourne, Brisbane, Perth, Adelaide and Canberra have risen by more than 10 per cent since 2010.
The rise is due to higher-than-average inflation, a «growing supply of supply of properties» and a «greater demand for rental accommodation».
The Aussie Bureau of Statistics (ABS) says Sydney has the highest proportion of properties priced at more than $300,000 (US$3.17 million) per unit, while Melbourne is in second place, with an average of $250,000.
The ABS says prices in Perth and the ACT have risen «considerably».
«Prices in some parts of Australia have increased substantially in recent years, and many people are facing the prospect of falling back into debt,» the APBA said in a statement.
It said many properties were «under-priced» or «underused» and «a greater number of people are relying on the rental market to make ends meet».
«Demand for properties is increasing rapidly, but at the same time supply is decreasing and a greater number are being pushed out,» it said.
Property owners can appeal to the Federal Government’s Housing Affordability Commission (HACCP), which is tasked with monitoring the supply of rental accommodation and housing for low-income people.
It has been criticised for failing to do enough to ensure that properties are affordable.
The ACCC is also investigating the APBAA for misleading statements about housing affordability.