LATROBE Valley’s housing affordability has declined at an “alarming” rate since 2004, according to recently-released Master Builders research.
The research shows since 2004, the median house price in the Valley has risen nearly 64 per cent from $133,000 to $218,000.
During the same time, the local median post-tax household income rose only 37 per cent from $33,340 to $45,650.
“The cost of buying a home in Latrobe Valley is slipping beyond reach for too many, even though local households are now bringing in $12,000 more a year than they did a decade ago,” Master Builders Radley de Silva chief executive said.
Alan Wilson is the chief executive of Quantum Support Services, which supports people in housing difficulty.
Mr Wilson said housing affordability had been a big problem for years, affecting more and more people.
“When you’ve got 60 or 70 per cent of your income going to housing costs… you’re not able to do the normal things that we take for granted,” Mr Wilson said.
He called for funding certainty of housing support initiatives, such as the Nation Rental Affordability Scheme, at a Federal Government level.
However, Mr de Silva said housing affordability was a forgotten issue of the State Government election.
“Master Builders identifies five key factors contributing to the inflated cost of building or buying a home across the state,” Mr de Silva said.
“They are stamp duty and property taxes, building red tape, council delays, lack of support for first home buyers and lack of registered tradespeople.”
“We want to see political candidates in Latrobe Valley agree with our call for an independent inquiry into housing affordability.” For more information visit www.buildingourfuture.com.au