Ocean Grove, Barwon Heads and Torquay are the most expensive postcodes for home rentals outside of greater Melbourne.
The latest National Shelter-SGS Economics and Planning Rental Affordability Index shows only three Victorian postcodes outside of Greater Melbourne have ‘affordable’ rentals in 2023.
These are Kerang in the state’s north, Nhill in the northwest and Numurkah north of Shepparton. An affordable rental, with a rental affordability index (RAI) score of between 151 and 200 is when rent comprises up to 15 per cent of household income.
Torquay, Barwon Heads and Ocean Grove, require the average rental household to spend more than 38 per cent of income on rent.
Throughout greater Geelong, only Corio was deemed ‘affordable’ with other areas classified as ‘unaffordable’ and ‘moderately unaffordable’.
“These stark figures show Victoria’s housing and rental affordability crisis continuing to plumb new depths and everybody – families, workers and the broader economy – is losing out,” Emma Greenhalgh CEO National Shelter said.
“People who are priced out of metropolitan Melbourne would usually look to regional areas. But now only three very small areas of Victoria are considered affordable. Put another way, there are only three postcodes where the average household can get a rental that costs less than 15 per cent of total income, and these are not areas with significant job opportunities or other supports to lift people out of poverty.”
