Affordable Housing

Published on December 2016 | Categories: Documents | Downloads: 79 | Comments: 0 | Views: 1129
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Can the housing market adapt to accommodate the changing families of Sydney? (Intro) It’s no secret that Sydney is facing a housing crisis. While our population continues to grow, our housing supply as it is today is struggling to cope, and housing prices sky-rocket. And although the State Government plans for 450 000 new homes to be built in the next few years to deal with this crisis, all the planned housing caters for a very specific target: the traditional 1950s nuclear family (two adults, two children and possibly a family pet). But Sydney’s population is changing. Instead of the “typical” family of 2 working adults and 2 children, we’re seeing a shift towards more diverse, smaller families that require very different housing; single-parent families, childless couples, empty nesters and downsizing retirees are becoming larger buyers within the housing market. And the market just isn’t responding. (Body) • 80% of existing housing is single detached • 150 000 of new housing in greenfield sites to be single detached • 2 extremes of housing type: single detached or high-rise apartment • no middle-ground; not catering for anything other than the nuclear family • • • • change in opinion of ideal house/ Great Australian Dream smaller groups want smaller housing compromise between suburban house and distance from work/centres too great • space no longer a commodity but a liability change mostly influenced by Gen Yers getting into housing market • but increasing number of empty-nesters & downsizing retirees also starting to make the shift over last 30 yrs, income increased by mere 300%, mortgage by 3000% • total disconnect between market and buyer ability typical single salary about $69 000 p.a. to purchase 3-bed house requires roughly $114 000 p.a. for a single-parent family, buying a house then becomes unattainable • as of 2010, Australians now using 50% of income on mortgage repayments

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