A study has predicted that Greater Sydney's property market will be unaffordable for anyone on a median income until next decade.
"This highlights the widespread housing affordability crisis and the need for comprehensive policy solutions."According to Mustapha Bangura, a lecturer of property finance at University of Technology Sydney and lead author of the study, the initial intention was to explore what rising housing costs meant for part-time workers., between October and April, part-time employment increased by 104,299 people, almost double the growth for full-time employment over the same period.
According to the analysis, there were pockets of affordable "Strata property types", like apartments, across Greater Western Sydney from 2004 to 2021.According to the analysis, only a handful of "Strata dwellings", or properties that include apartments, across Greater Western Sydney were around the 30 per cent mark for those earning the median full-time income of $1,500 per week.
"This is an issue, because the dream of owning property in Australia is gradually fading, except if you have wealth in other assets or you get financial support from family members."Michael Fotheringham, the managing director of the Australian Housing and Urban Research Institute, saw the results as further confirmation of Sydney's increasingly-unaffordable property market for both low- and medium-income earners.
"That means you may have to compromise on your family expenses, for example, educational costs, or recreational activities for kids." This could look like increasing housing grant limits to better collaboration between local, state and federal governments and increasing the supply of affordable housing.Inclusionary zoning either mandates or incentivises private developers to include affordable or social housing in a residential development.
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