Mortgage and rental stress were on the rise in South Western Sydney long before interest rates spiked earlier this year.
In fact, as a NSW Labor opposition analysis shows, from 2016 to 2021 the number of households in rental and mortgage stress in in the region rose by a whopping 114.7 percent.
A household is deemed to be in mortgage or rental stress when mortgage or rent repayments account for more than 30 percent of household pre-tax (gross) income.
Campbelltown MP Greg Warren has described the increase in the number of local residents facing mortgage and rental stress in the past five years as “alarming”.
He said that in the local government area (LGA) of Camden, the number of households in rental stress alone rose by a staggering 332 percent in the same period.
In the Fairfield LGA, the number of households in mortgage stress rose by 167.3 percent.
Mr Warren said the figures were astounding and would only get worse.
“It’s important to remember that the census was conducted before mortgage rates began to rise, so those figures will not get better anytime soon,” he said.
“Public sector and emergency services workers will be among those who feel the pinch hardest given the government’s refusal to budge when it comes to wage increases.
“Under the NSW Liberals, the cost of living for West and South Western Sydney residents has risen astronomically and there are no indications that this alarming trend will end anytime soon.
“Making ends meet has never been harder for most residents in West and South West Sydney.
“It’s near impossible for first home buyers to save for a house deposit when they are in the midst of rental stress.
“It is clear that the North Sydney-based Premier and his colleagues have no idea or regard for the challenges facing West and South Western Sydney.
“In the minister for Western Sydney’s own backyard of Penrith, the number of households in rental stress rose by a staggering 192.4 percent.
“In times of crisis, people look to their leaders for guidance.
“It is clear when it comes to leadership, this government has failed – and continues to fail – miserably.”
