Home News Sydney's affordability woes still lacking a cure

Sydney's affordability woes still lacking a cure

Font size :

Sydney's affordability issues can be rooted in the lack of supply of housing

There has been a significant increase in the number of homeless people in Sydney and housing affordability is to blame.

According to the Australian Homelessness Monitor, the capital city's homeless population has jumped by 48% in the five years to 2016 – more than three times faster than the national rate.

In a report for the Domain Group, Lord Mayor Clover Moore said the lack of social and affordable housing, as well as the limited access to healthcare, has exacerbated the homelessness problem in the city.

Moore made this comment in relation to the ground-breaking ceremony of the $35 million affordable housing development at Harold Park which will provide 75 homes for low to moderate income earners. While she commended the project, Moore said the city needs more to have enough supply of affordable housing to solve the problem.

“It’s not enough to say [the solution is] just about supply, it’s not about supply," she said, adding that only one percent of the current rental housing in Sydney was affordable.

Also Read: Solving Sydney’s affordability crisis for key workers

It was reported recently that the City of Sydney received the go-signal to exhibit a planning proposal to extend affordable housing levies for developers. Moore said the state government should have enabled the council to do so even earlier.

“If we got approval [back in 2009 when we asked] then there would be an extra couple of thousand affordable housing units in the city by now because of all the development we’ve approved. Since I’ve been mayor the City of Sydney has approved $25 billion of development and there should be many more affordable housing apartments," Moore explained.

She expressed hopes that the state government would allow other councils across the metropolitan area to extend levies to developers. Currently, the said scheme is already in place in Inner West, Northern Beaches, Ryde, Randwick, and Canada Bay councils but not in inner Sydney ones like Woollahra and Waverly.

Related Stories:
Unaffordable housing displaces teachers, police from Sydney
Australia 'severely unaffordable' compared to global housing markets

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

Lender warns of further price declines in Sydney and Melbourne Lender warns of further price declines in Sydney and Melbourne

But there may not be a hard landing for the housing market Read more

Winter is coming to Sydney's housing market Winter is coming to Sydney's housing market A Sydney housing slowdown could be coming, at least according to one industry watcher. ... Read more

Falling values dampen mortgage demand in NSW and Victoria Falling values dampen mortgage demand in NSW and Victoria Investor demand is easing due to current regulatory focus on interest-only lending ... Read more

Australian expats take advantage of weakening prices Australian expats take advantage of weakening prices The falling value of Australian dollar is driving the interest of Australian expat communities to buy a local property ... Read more

More mortgage news and articles

Sponsored Links

Wednesday, May 23, 2018
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords