BY CHARLOTTE LLOYD
In a recent Housing Market Briefing by CoreLogic and ANZ, the Hunter housing market has seen a significant increase in the last 12 months.
In comparison to the national average of around a 22% increase, the Hunter has sailed past at an almost 30% rise.
This is shown in both the cost of buying and renting a house where the Hunter surpasses Sydney's 5% rental increase by almost being 3 to 4 times this number.
Some of the main suburbs included in a major rental crisis are; Swansea, Gwandalan, Manning Park and Newcastle.
The main suburbs where an increase in house prices is seen are; Gwandalan, San Remo, Wallsend, Mayfield and Newcastle.
Shadow Minister for Housing and Homelessness Jason Clare says that much of this is due to a low interest rates that are fueling demand for housing.
This is making it increasingly hard for young people and potential buyers to enter into the housing market as the average housing price is almost double the average salary.
As well as this, those applying for home loans has dropped by 20% since the start of 2021.
The biggest worry says Mr Clare is the risk of homelessness continuing to rise.
"As more and more people become homeless it means greater demand from help from charities here in the local area."
"It means that domestic violence refuges are full or overflowing and it also means that mums and kids that flee are often turned away."
"Last year 10,000 mums and kids were turned away from refuges because they were full."
One of the solutions proposed by Mr Clare is an investment in establishing more affordable housing.
