Australia’s largest city is at risk of an ‘affordability crisis’ after it failed to meet housing completion targets, claims a major analyst.
The McKell Institute's new Quarterly Homes Monitor, which compares dwelling completion figures with targets in the Sydney Metropolitan 2036 Strategy, uncovered the shortfall.
The report counted 3,017 completions for Sydney in the first quarter, which was significantly down from its ‘ideal’ target of 8,750.
“These figures ought to sound an alarm bell for the newly elected councillors across Sydney who need to understand that home ownership is becoming a preserve of the wealthy,” said Peter Bentley, McKell Institute’s executive director.
“Sydney is already Australia’s most expensive city to buy or rent a home and our monitor suggests this is about to get much worse," he said.
However, outside of Sydney, the NSW construction market has been tipped to grow strongly by BIS Shrapnel, which forecast a 21% growth over the next year.
Do you need help getting started in property investing? Click here
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
Top Suburbs :
east victoria park
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out