New research suggests Sydney's housing market will remain unaffordable until at least the 2030s.
Having a stable and regular income is no longer enough to comfortably enter the housing market anywhere in Sydney, says a new study. It predicts the situation will be dire until at least the next decade for anyone on a single standard income alone.
The research by Dr Mustapha Bangura from the University of Technology Sydney (UTS) and UNSW Sydney Professor Chyi Lin Lee found that there is nowhere in Greater Sydney where someone on the New South Wales (NSW) median part-time or full-time income can afford to buy a property. Instead, income supplements, like existing wealth or significant cash gifts from family, would be needed to purchase a property and afford mortgage repayments.
The study, published in the journal Cities, is the first study to examine the link between housing affordability and employment contracts.
"While we expected the issue of housing affordability to be severe for part-time employment, we found that full-time employees are also significantly affected," says Prof. Lee, senior author of the study from the School of Built Environment at UNSW Arts, Design & Architecture. "This highlights the widespread housing affordability crisis and the need for comprehensive policy solutions."
