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.