Surging rents surpass affordability protection for half of Melbourne

With almost half of Melbourne’s suburbs recording rental hikes well above inflation, government measures to protect tenants appear to be failing them six months on. Close to half of Melbourne’s tenants signing up for a new lease are grappling with rental costs surging beyond a key affordability cap implemented by the state government in March. The Carroll government are now being slammed for missing the mark with a policy that had sought to give tenants scope to push back on hikes above the Consumer Price Index, with almost 50 per cent of suburbs recording rent rises at least 0.5 percentage points above the affordability metric six months later. However, yesterday the Victorian government announced a new web tool for renters to assess rent increases and whether they are excessive. RELATED: Victorian landlords face battle over rent rises under new regulations Victorian landlords targeted for mandatory licences and three-strike bans Melbourne entry-level home prices jump up to 12 per cent amid buyer squeeze The online Service Victoria rent increase calculator will allow people to convert rent across payment periods, compare a proposed rise with CPI and link straight to Consumer Affai...