In short:

Median rental prices have risen to more than $700 per week for the first time, according to Cotality's Quarterly Rental Review.

The Tenants' Union of NSW says rising rents are driving people away from employment.

What's next?

Economists warn surging rents could complicate the outlook for further interest rate cuts.

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[–] MisterFrog@aussie.zone 3 points 2 months ago

Hey folks, when in the world are we going to do something about this?

And I really do mean all of us.

We are all partially vindicated by the fact we're in the capitalist game, and as individuals, all we can do is play the game.

But Christ, this is gonna break.

Please next time you meet someone who's talking about their house price going up. Please say, we really can't keep going on like this.

It's gonna break eventually. People are paying stupid percentages of their income on rent or mortgage.

Eventually we'll simply not be able to afford to live.

Housing is a stupid, non-productive (past the base value of providing somewhere to live) asset that we could be investing practically anywhere else in our society.

We're sitting on piles of gold (metaphorically).

At least you can make electronics with gold.