There is no good reason for rent to be as high as it is here.
That’s the primary complaint I have. The costs of servicing small apartments that cost 600-1000$/wk in rent don’t justify the ridiculous price hikes that are getting worse every year.
It drives people out rurally. Eventually you find most suburbs/areas in the city are either inhabited by people who lucked out and purchased property decades ago and/or people why fly in or reside in the upper echelons of society.
Otherwise people are becoming homeless despite making a normal wage (say 50K/year)… there’s actually an issue with families making normal incomes having to resort to living in homeless shelters and/or living at motels while they wait for government assisted housing… and the wait time if you get on that list is years.
Otherwise you can re-locate rurally… if you can get a job rurally. You can choose from methamphetaminetingtown, New South Wales, Ice city, queensland or shardsville, Western Australia.
Joking… but some rural issues here have really, REALLY bad problems with ice. Rural Aus can be beautiful to look at… but god is it depressing to go down to a town in the middle of nowhere and take a gander at the living conditions
Atrocious access to medical services, people with nothing to do, rampant alcoholism, drug use and crime (depending on area).
Hence people don’t want to go rural… look at Alice Springs for reference. Alice Springs is not the only rural Aussie area like that.
It’s a clusterfuck, a brimming recession. Australia’s economy is remarkably lacking in diversity. Soooo many people have invested in predominantly property/real estate
Once the property market crashes… Australia will suddenly get a whole lot poorer overnight… and it has to crash soon considering there is an abundance of supply but demand is starting to dwindle due to costs of living.
Either Australia relaxes immigration restrictions substantially to allow a lot of rich folk to fly in (not happening) or eventually only 2% of Aussies can actually afford to purchase property and maybe less than half can afford rent… then the market crashes because the value of property here is so ridiculously inflated to begin with.
