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.”
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.