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Rising High-Income Renters Intensify Housing Affordability Crisis

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High-Income Renters
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Rising High-Income Renters Intensify Housing Affordability Crisis

 

The increasing presence of high-income earners in the rental market is intensifying competition for housing and exacerbating affordability issues, signalling deep-rooted systemic problems in the housing sector. According to a study by the Australian Housing and Urban Research Institute (AHURI), the proportion of higher-income households in the private rental market has significantly risen, from 8% in 1996 to 24% in 2021. Meanwhile, the number of lower-income renters has remained largely unchanged, underscoring the widening gap in housing accessibility.

This trend has been driven by a worsening in housing affordability, reaching its poorest state in over three decades, coupled with a long-term decline in homeownership rates. The PropTrack Housing Affordability Index reveals that a household earning the median income in Australia can currently afford only 13% of homes sold nationwide, with lower-income earners virtually priced out of buying a home. This shift is partly due to escalating house prices and declining affordability, which delay homeownership and force more individuals into the rental market.

Furthermore, census data highlights a decreasing trend in homeownership rates across successive generations since the mid-20th century, with younger groups increasingly less likely to purchase homes as they age. This shift contributes to more people choosing or needing to rent for longer periods.

Rental markets have also experienced severe strains. PropTrack’s Rental Affordability Report indicates that renters faced the toughest market conditions in at least 17 years in 2023. Over the past four years, rental prices have surged by over 40% in both capital cities and regional areas since the onset of the pandemic. This rapid increase in rental costs has significantly outpaced household income growth, leading to a higher proportion of income being required to cover rent.

Despite a slight easing in rental price growth this year, the increases remain substantial. As of March 2024, the national median advertised weekly rent rose by 9.1%, reaching $600. This increase was particularly pronounced in capital cities, where median rents climbed to $625 per week. For a median household earning $110,000 annually, only 30% of advertised rentals are affordable, based on spending 25% of pre-tax income on rent, with even lower percentages in more expensive markets like Sydney.

The scarcity of affordable rentals is even more critical for lower-income households, who find almost no affordable options in current listings. Higher-income renters, with more financial flexibility, often opt for more affordable rentals in competitive markets, thereby intensifying the pressure on lower-income renters seeking similar housing.

This phenomenon has not only affected urban areas but also smaller capitals and regional markets, where rental prices have skyrocketed since the pandemic began. The ability to work remotely has prompted many to relocate to less expensive areas, maintaining strong population growth in these regions and further fuelling rent increases.

Significant rent hikes have been particularly notable in Perth, with a 76% increase since the pandemic’s start, and in Brisbane and regional Queensland, where rents have risen by 50% and 55% respectively. This disproportionate growth in cheaper markets has drastically reduced the proportion of affordable rentals available, underscoring the urgent need for policy interventions to address housing affordability and ensure equitable access to housing across income levels.

 

For more real estate news, click here.

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Apple AirPods 4

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Apple AirPods 4
The newest sound from Apple

 

By Liam Jennings

Apple recently introduced the AirPods 4, offering two distinct models with enhanced features. The base model is priced at $129, while the version with Active Noise Cancellation (ANC) comes in at $219. Both models feature an updated design, moving away from the silicone ear tips to a universal fit, which many users will find more comfortable.

The AirPods 4 come with a USB-C charging case that provides up to 30 hours of battery life, a solid offering for wireless earbuds. The ANC version offers an upgraded listening experience, especially for those looking to block out external noise without bulky ear tips. Personalised Spatial Audio and dynamic head tracking further enhance sound quality, providing an immersive experience when watching movies or listening to music.

One of the key highlights of the AirPods 4 is the H2 chip, which drives improved sound quality, better connection stability, and more efficient power usage. This chip also powers features like Adaptive Transparency and better noise-cancellation algorithms, making the ANC model stand out even further.

For those looking for alternatives, the AirPods Max also received a minor update, with a switch to USB-C and new colour options. The AirPods 2 and AirPods 3 are being discontinued to make way for this refreshed lineup, marking a shift in Apple’s earbud offerings.

Pre-orders are available now, and the new AirPods will be shipping on September 20, 2024.

 

For more tech news, click here.

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Forster – The Best of the Mid North Coast

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Forster – The Best of the Mid North Coast

 

By Liam Jennings

Nestled along NSW stunning Mid North Coast, Forster is a coastal paradise that blends natural beauty, outdoor adventure, and a laid-back lifestyle. Surrounded by pristine beaches, crystal-clear lakes, and vibrant marine life, Forster offers travellers the perfect escape from the hustle and bustle of city life. Whether you’re seeking a relaxing getaway or an active adventure, this charming town and its surrounding areas, including Tuncurry, Seal Rocks, Smiths Lake, and Elizabeth Beach, have something for everyone.

Forster

Forster is a popular destination for both families and solo travellers. One of the standout features of Forster is its impressive waterways, with Wallis Lake being at the heart of the town. Known for its clear waters, Wallis Lake is a haven for water enthusiasts, offering activities like boating, kayaking, and fishing. If you’re lucky, you might even spot a pod of playful dolphins in the lake’s calm waters.

The town itself is full of laid-back charm, with plenty of cafes, restaurants, and shops to explore. From seafood feasts at local eateries to enjoying a coffee with a view, Forster offers a true coastal town vibe. Main Beach, located right in town, is a patrolled surf beach, ideal for swimming, surfing, or just soaking up the sun.

For those interested in marine life, a visit to the nearby Forster Ocean Baths is a must. These tidal baths offer a safe and family-friendly spot to enjoy the ocean, perfect for those looking for a calm swimming environment while enjoying views of the open sea.

Tuncurry

Just across the bridge from Forster lies Tuncurry, Forster’s sister town. While Forster is known for its lakes and beaches, Tuncurry offers a more laid-back atmosphere with several attractions of its own. Tuncurry Rock Pool is a favourite among families. This calm, enclosed swimming area is perfect for children, and the nearby grassy picnic areas make it a great spot to relax and enjoy a day out.

For nature lovers, Nine Mile Beach, which stretches north from Tuncurry, provides a more secluded stretch of sand ideal for long walks, beach fishing, or simply basking in the untouched beauty of the coast. The area is also a great place for whale watching during the migration season, with plenty of spots along the coastline offering panoramic views.

An arial shot of Wallis Lake at Forster and Tuncurry.

Wallis Lake at Forster and Tuncurry. Photo by Professionals Forster.

Seal Rocks

A short drive south from Forster brings you to the pristine coastal village of Seal Rocks, an unspoiled gem that feels a world away from busy tourist hubs. This peaceful retreat is famed for its rugged coastline, clear turquoise waters, and untouched beaches. The main drawcard here is the Sugarloaf Point Lighthouse, which offers one of the most spectacular vantage points along the coast. The lighthouse overlooks the dramatic Seal Rocks, a series of rocky outcrops that are home to a variety of marine life, including seals, as the name suggests.

The beaches in Seal Rocks are perfect for swimming, snorkelling, and surfing. For those who prefer to stay dry, a walk along the rocky cliffs offers breathtaking views and the chance to spot migrating whales or dolphins frolicking in the waves.

Smiths Lake

Just inland from Seal Rocks lies Smiths Lake, a hidden oasis that offers tranquility and relaxation in a serene lakeside setting. Smiths Lake is ideal for those looking to escape the crowds and immerse themselves in nature. The calm waters are perfect for paddle boarding, kayaking, and swimming, making it an ideal spot for families with young children.

Surrounded by lush bush and dotted with holiday homes, Smiths Lake is the perfect place for a peaceful getaway. Fishing enthusiasts will appreciate the lake’s abundant fish population, while nature lovers can enjoy the area’s birdwatching opportunities, as the lake and its surrounds are home to a variety of bird species.

Boat Beach at seal Rocks near Forster NSW

Boat Beach, Seal Rocks.

Elizabeth Beach

Situated between Smiths Lake and Booti Booti National Park, Elizabeth Beach is a favourite among surfers and sun-seekers alike. Known for its reliable surf breaks, this beach offers consistent waves for surfers of all levels. For those less inclined to hit the surf, the beach provides a relaxed atmosphere with plenty of space to spread out and enjoy the sun.

The beach is patrolled during peak seasons, making it a safe spot for swimming, while the surrounding parkland offers opportunities for bushwalking and picnicking. A short walk from the beach leads to Shelly Beach, a small, secluded bay that’s perfect for a quiet swim or snorkel.

Final Thoughts

Forster and its surrounding areas—Tuncurry, Seal Rocks, Smiths Lake, and Elizabeth Beach—offer a perfect blend of adventure, relaxation, and natural beauty. Whether you’re exploring the lakes and beaches, spotting wildlife, or simply soaking in the laid-back atmosphere, this corner of New South Wales is a must-visit destination. With so much to see and do, Forster and its neighbouring towns provide the ultimate coastal escape for travellers seeking both excitement and serenity.

 

For more travel news, click here.

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Watercolour – an enchanting exhibition at the Cassino Gallery

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Watercolour – an enchanting exhibition at the Cassino Gallery

 

By Therese Schier

Feast your senses at the Watercolour exhibition opening at the Cassino Gallery this Saturday 21st September. Considered one of the most demanding of art forms, watercolour offers an enchanting, mystical experience for visitors.

“Watercolour painting is a subtle art that requires masterly control to reflect the elusive hues of life” Gallery president Laszlo Biro observed.

“Visitors to the exhibition will appreciate the delicate and deft touch of the artists.”

Laszlo said the Gallery, with support from Richmond Valley Council is offering a $2300 acquisitive prize to the best in show.

“Through the support of the community in attending openings, events and classes the Gallery can co-fund with the Council,” Laszlo said.

The exhibition will be judged by Northern Rivers artist, Harry Westera. Harry originally trained in drawing and oil painting at Julian Ashton’s Art School and studied Art History at Sydney University before deciding to ‘give watercolour a try’.

“Well, as many water colourists will till you, this medium can be difficult to control,” Harry said.

Old Man Watercolour Cassino Gallery

Chiaroscuro Old Man by Lismore artist Kevin Lawlor is one of the many paintings on display at Cassino Gallery’s Watercolour exhibition opening Saturday 21st September.

“It can at times be fun and other times frustrating. But it is well worth the effort!

“To watch the colours flow off your brush, mixing on the paper and creating images of our world in beautiful washes of colour can be very satisfying.

“It is wonderful that Cassino Gallery has attracted so many watercolour enthusiasts.”

Lismore artist Kevin Lawlor was drawn to paint his entry Chiaroscuro no 1 Old Man due to his admiration of the masters of light and dark, Michelangelo and Leonardo da vinci.

“I wanted to go to the maximum of light and dark using the Italian chiaroscuro (the treatment of light and shade in drawing and painting) of the old masters to create a haunting piece using modern media,” Kevin said.

Kevin congratulated the Cassino Gallery for having the vision to develop the gallery.

“It is an extremely brave endeavour which will bring artists together and provide a gallery for the public.”

The official opening will be held at 4pm, Saturday 21st, $10 entry includes wine and cheese. Judge Harry Westera will announce the winner and provide comments at the event.

The exhibition will be on display during the Gallery’s opening hours: 10am to 3pm Thursday Friday and Saturday 21st September to 12th October with a gold coin donation.

 

For more Casino news, click here.

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