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Pressure on Keneally and O'Farrell as Sydney's housing affordability reaches crisis point
24 September 2010
A report which places Sydney second in a list of the most unaffordable cities in the world is an indictment on the failure of governments to deliver real choice, affordability and equity into the local property sector.
“This report and its findings are deeply disturbing for those struggling to get into the Sydney property market, especially first home buyers,” said REINSW President Wayne Stewart.
“Governments have ignored this problem for so long that we now have a situation which requires dramatic intervention.
“The State election is now only two months away and Kristina Keneally and Barry O’Farrell need to clearly outline their solutions to this problem.
“When the average home costs more than $600,000 to purchase in the Sydney metropolitan basin, then you don’t have to be Sherlock to work out that many people are simply being forced out of the market.
“The critical problem for Sydney is that many of those people being driven further and further out are the very same people that we rely upon for our essential services, such as fire brigade, police and ambulance officers, as well as teachers, nurses and other key workers.
“Similarly, families starting out are also suffering under the growing weight of housing prices against a backdrop of rising interest rates.
“The problem for Kristina Keneally and Barry O’Farrell are that these people are all voters looking to the major political parties for answers.
“REINSW has already delivered a policy platform which provides the blueprint for delivering greater housing affordability across metropolitan areas of the State.
“Our Real Space policy has identified a range of initiatives to increase housing supply through:
- an effective, co-ordinated strategy to drive land release
- an increased commitment from all levels of government to infrastructure investment
- review of the complex, cumbersome and counter-productive Environmental, Planning and Assessment Act 1979
- a comprehensive strategy to facilitate infill development, thereby allowing the construction of high quality, higher density housing.
“Our policy platform is well and truly in the public domain, and it is now up to the Government and Opposition to match that by unveiling their solutions to this growing problem,” said Mr Stewart.
Please direct media enquiries to Julian Brophy on 0408 276 749
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