Key workers locked out of Greater Sydney’s housing market
New research commissioned by the Property Council of Australia shows the full current extent of the housing affordability crisis in Greater Sydney with a particular focus on the impact on essential workers – vital for the ongoing sustainability of our cities.
This research shows the affordability and supply crisis in Greater Sydney’s housing market is accelerating.
Key findings:
- Buying an established home is beyond hope for a single income household, and beyond reach for a dual income household
- Buying an established unit or a new house and land package is beyond reach for a dual income household
- Buying a new house and land package is unaffordable for a dual income household
- For a single income household renting is also unaffordable
This report builds on the Property Council’s work earlier this year exploring the impact of government taxes and charges, and slow planning approvals, on development feasibility. It demonstrates the broader impact of these barriers to development. Investors and lenders will not back projects if the numbers don’t stack up. If investors and lenders don’t back projects, homes don’t get built. If homes don’t get built, prices will continue to increase, pushing our essential workers’ homes further and further away from their place of work.
The research findings indicate that home ownership and to a growing extent renting is increasingly unattainable for many essential workers in Greater Sydney, signalling a clear call to action. We need to release the pressure on property to put homes and rentals within reach.
Resources
Media Releases
NSW
Key Workers Locked Out of Sydney
24/11/2024
Essential workers – the teachers, nurses, police, and childcare workers that keep our communities running – have been priced out of Greater Sydney’s housing market, with new data revealing the dream of home ownership or affordable rental housing has slipped well beyond their reach.