Catholics In Coalition for Justice and Peace

Blog Post

Get the facts on Sydney's housing affordability

Posted 22 Jun 2017 09:00AM

 

Housing affordability is no easy issue to get your head around. Yet it’s something that affects us all here in Sydney.
 
Sydney Alliance has put together a short 3-point summary and video, with all the key facts you need to know!

 


 
1.     Sydney house prices have increased by 70% in the last 5 years. The average price of a house in Sydney is now $865,000. In contrast income growth in the same five-year period has increased by just 13%. It’s no surprise that so many people are struggling to find a home.
 
2.     As of December 2016, there are more suburbs in the Sydney metropolitan area with a median price of more than $2 Million than there are suburbs under $600,000. 
That means a large part of Sydney is unaffordable to live in for the average Sydneysider!
 
3.     The median weekly rent for a house in Sydney was $550 in March 2017. Australian tenants pay just $62 less a week in rent than home owners pay on an average mortgage. And with many people on low to medium incomes spending much more than 30% of their income on rent, it’s becoming even harder to save for a house.
 
So how can we solve this problem? Inclusionary Zoning is a tried and tested way of addressing housing affordability, and is having an impact around the world.
 
Watch the video to find out more!

 

For a fairer Sydney,
 
David Barrow
Sydney Alliance