Resolving the affordable housing conundrum in slack housing markets: the Sydney case

MacDonald, HI

Resolving the affordable housing conundrum in slack housing markets: the Sydney case

MacDonald, HI

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Publisher:: SOAC
Publication Type:: Conference Proceeding
Citation:: State of Australian Cities National Conference 2011, 2011, pp. 1 - 11
Issue Date:: 2011-01

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Field	Value	Language
dc.contributor.author	MacDonald, HI https://orcid.org/0000-0003-2105-5919	en_US
dc.contributor.editor	Whitzman, C	en_US
dc.contributor.editor	Fincher, R	en_US
dc.date	2011-11-29	en_US
dc.date.issued	2011-01	en_US
dc.identifier.citation	State of Australian Cities National Conference 2011, 2011, pp. 1 - 11	en_US
dc.identifier.isbn	978-0-646-56805-8	en_US
dc.identifier.uri	http://hdl.handle.net/10453/19346
dc.description.abstract	Sydney's metro-wide housing deficit is a barrier to the city's future growth, and its economic and social prosperity. The state's projections that the metropolitan area will grow from 4.2 million people in 2010 to 6 million in 2036 (NSW Department of Planning 2010) raise difficult questions about how the housing market will cope with this growth. Estimates put the 2009 NSW housing deficit at approximately 57,600 homes (National Housing Supply Council 2010). Future population growth will require an additional 770,000 new homes by 2036 (NSW Department of Planning 2010). Residential development has not kept pace with household growth, even given that households have grown less fast than we would expect based on population (average household size remains fairly high at 2.51) - a classic indicator of frustrated demand, reflecting households doubling up as a response to high housing prices. The housing deficit adds to the affordability problems faced by new market entrants, who must defer home purchase while saving for a deposit, or take on large mortgage debts. Continued affordability problems are likely to affect the availability of a skilled labour force, and thus dampen economic growth, in addition to the costs of the growing material inequality in a two-tier society made up of a landed gentry of property owners, and those trapped in escalating rental housing or who are indentured to high mortgage debts.	en_US
dc.publisher	SOAC	en_US
dc.relation.ispartof	State of Australian Cities National Conference 2011	en_US
dc.relation.ispartof	State of Australian Cities (SOAC) Conference	en_US
dc.title	Resolving the affordable housing conundrum in slack housing markets: the Sydney case	en_US
dc.type	Conference Proceeding
utslib.location	Melbourne	en_US
utslib.location.activity	Melbourne, Australia	en_US
utslib.for	1205 Urban and Regional Planning	en_US
dc.location.activity	Melbourne, Australia	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/e-Press
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building
pubs.organisational-group	/University of Technology Sydney/Strength - CCDP - Contemporary Design Practice
utslib.copyright.status	closed_access
pubs.consider-herdc	true	en_US
pubs.finish-date	2011-12-02	en_US
pubs.place-of-publication	Melbourne	en_US
pubs.start-date	2011-11-29	en_US

Abstract:

Sydney's metro-wide housing deficit is a barrier to the city's future growth, and its economic and social prosperity. The state's projections that the metropolitan area will grow from 4.2 million people in 2010 to 6 million in 2036 (NSW Department of Planning 2010) raise difficult questions about how the housing market will cope with this growth. Estimates put the 2009 NSW housing deficit at approximately 57,600 homes (National Housing Supply Council 2010). Future population growth will require an additional 770,000 new homes by 2036 (NSW Department of Planning 2010). Residential development has not kept pace with household growth, even given that households have grown less fast than we would expect based on population (average household size remains fairly high at 2.51) - a classic indicator of frustrated demand, reflecting households doubling up as a response to high housing prices. The housing deficit adds to the affordability problems faced by new market entrants, who must defer home purchase while saving for a deposit, or take on large mortgage debts. Continued affordability problems are likely to affect the availability of a skilled labour force, and thus dampen economic growth, in addition to the costs of the growing material inequality in a two-tier society made up of a landed gentry of property owners, and those trapped in escalating rental housing or who are indentured to high mortgage debts.

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http://hdl.handle.net/10453/19346