AND The Wooden Spoon Goes To SYDNEY
Housing affordability survey says Sydney is the least affordable housing market in Australia. No prizes for guessing that one.
show you a number of exciting new ways to profit from this underserved market.
This year’s report assesses 293 urban markets in nine countries: Australia, Canada, Hong Kong, Ireland, Japan, New Zealand, Singapore, United Kingdom, and the United States as at the third quarter of 2017.
According to the Survey, housing affordability remained poor across most major metropolitan markets in 2017 (i.e. with over 1 million people).
Sydney The Worst In Australia
What Factors Were Identified By The Affordable Housing Survey
- The lack of a competitive market that produces housing
- Urban containment making it virtually impossible to build low cost suburban tract housing
- Interest in new supply has been largely limited to higher density infill, while leaving the urban periphery restrictions in place
- Despite high-density building rates housing affordability has continued to worsen
- Almost all of the growth in Australian housing values (relative to GDP) has been in rising land values (See below)
2018 Demographia International Housing Affordability Survey – MacroBusiness
A key reason for this land price escalation in Australia (as well as in New Zealand, the United Kingdom, and the expensive markets of the United States and Canada) is that the market’s ability to quickly provide low priced new housing supply is being hampered by restrictive land use regulations, many of which have come into effect since the mid-1990s (Sydney has had long-standing limits on housing development on the urban fringe). Demographia describes the key features and consequences of restrictive housing markets as follows: 2018 Demographia International Housing Affordability Survey – MacroBusiness
Download the full report here