Keeping a roof over your head in the northern suburbs is becoming increasingly "grim", according to Heathcote MP Maryanne Stuart.
Subscribe now for unlimited access.
or signup to continue reading
Ms Stuart was in parliament speaking on the government proposed changes to the payment of stamp duty, which included scrapping the option of paying an annual property tax instead, and the requirement people live in a home for at least 12 months to be eligible for the First Home Owners Grant.
"The great Australian dream of owning your own home has never been so unattainable for many," Ms Stuart said.
![The number of renters under financial stress has more than quadrupled in recent years, according to Heathcote MP Maryanne Stuart. The number of renters under financial stress has more than quadrupled in recent years, according to Heathcote MP Maryanne Stuart.](/images/transform/v1/crop/frm/4FavSveeQdYEHssZq5umRQ/25f3dd68-ca9d-412a-9695-df862461100e.jpg/r0_0_4890_3010_w1200_h678_fmax.jpg)
"That is a fact that cannot be disputed. Rents have risen sharply, as have house prices and, more recently, interest rates. All of those factors have made it increasingly harder for first home buyers to enter the property market."
She looked to Australian Bureau of Statistics data that painted an "extremely grim picture" for both renters and those paying a mortgage in her Heathcote electorate.
The data showed that the percentage of households in mortgage stress in Engadine had climbed from 4.9 per cent in 2016 to 14.1 per cent on 2021, and 7.5 per cent to 15.9 per cent in Sutherland.
The situation for renters in the northern Illawarra was even worse, with rental or mortgage stress defined as being when 30 per cent of household income goes to those payments.
"Helensburgh renters also experienced a tough five years, with the number of households in rental stress rising from 4.8 per cent to 35.6 per cent [over the same period]," she said.
"Bulli, Thirroul and Sutherland also rose from 8.5 per cent, 6.2 per cent and 16.4 per cent to 35.1 per cent, 30 per cent and 32.5 per cent respectively.
"What exactly do the numbers mean and how do they impact the everyday lives of those households? Let us take a prospective first home buyer, for example. If they are contributing more than 30 per cent of their income towards paying the rent, it means that there is not a lot left over at the end of the day to save for a home deposit.
"It means the divide between the haves and have nots in terms of property ownership has only widened."
Our news app has had a makeover, making it faster and giving you access to even more great content. Download The Illawarra Mercury news app in the Apple Store and Google Play.