Packed to the Rafters: Sydney set to Face Housing Crisis

sydney housing crisis||home loan refinancing

Due to increasing fertility and immigration influxes, Sydney is set to face new stream of housing shortages.

New Research suggests that the city will need over 33% more apartment blocks and houses than initially proposed in the NSW State Government’s 25 year city growth plan.

It has been found that an extra 876, 640 city dwellings will be needed by 2031, a significant rise from the initial government projections of the 640, 000 proposed.

Director of SGS Economics and Planning, Patrick Fensham describes the consequences, “That will mean pressure on housing affordability, people staying at home longer, cramming in more bodies that people like to in the house.”

Housing Crisis

Set to affect not only young people looking to buy their first property, the pressures on working families is heralded to intensify in future years. In Sydney’s West which is predicted to be most hard hit, new astronomical figures suggest the price reductions needed to ensure property affordability.

Reductions in prices needed to ensure affordable property purchases are estimated; 59% in Bankstown , 55% in Auburn, 53% in Fairfield and 47% in Kingswood. Similarly, additional income needed for affordable renting; Bankstown 58%, Fairfield 54%, Auburn 46% and Kingswood 26%.

These enormous figures, suggest the impending housing crisis ahead.

If you are looking to purchase your own property but are struggling to secure a loan, call Australian Lending Centre now, and let us help you work towards a brighter financial future. Call 1300 138 188.

Share on facebook
Facebook
Share on google
Google+
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts

jobseeker changes
News
Jack Richings

Jobseeker Changes Incoming…

The Government brought in financial incentives to help Australians through the COVID-19 crisis. However, from 25th September, jobseeker changes are coming in…

Read More
personal loans with no credit check
No Credit Check Loans
Jack Richings

Personal Loans With No Credit Check

Personal loans are a great cash injection. Do you want a quick & easy option with no impact on your credit score? Consider personal loans with no credit check.

Read More
Australian Economy 2020
News
Jack Richings

Australian Economy 2020

Bush fires, drought, flooding & the Covid pandemic have made 2020 a year to never be forgotten. But how has this affected the Australian Economy 2020? Find out.

Read More
what is debt management
Debt Management
Diane Challis

What Is Debt Management?

Ultimate Debt Management Guide – We discuss the difference between good vs bad debt & give tips on how to escape debt. Find out what is debt management here…

Read More