Housing affordability in Sydney
Rental price and dwelling structure
Implications of research
Sydney has a student demographic of 454,567 attending university college (Australian Bureau of Statistics, 2019). The student group comprises of International students with housing needs for affordable options. The data collected from the university students will be analyzed and compared for current policy and research. The current education industry contributes 17 billion in GDP in housing in Sydney is at risk unaffordable pricing (William, 2018). The report highlighted the current housing market, identification of current policies, student's expectations, and government policy action. It provided insights on the affordability and compared the flaws in the current policy.
The demand for side use in Sydney has impacted the area in the past decade. Population growth and the influx of international students provide permanent housing solutions demand. The housing market demand has led to growth in prices. The external investors have used the neoliberal model for housing in the overcrowded market.
The real price of the housing area in the Greater Sydney area is $545 (Family and community service, 2019). The median income is $1761 shows rental affordability as the household income as weekly is $1767. The university students face the issue with a rental cost of $520 per week requiring income of $ 91,780 per year to avoid rental stress. The higher cost of entry barrier is a significant hurdle and disadvantage for the buyers. The cost of university accommodation is expensive for students with lack of legal right under the Rental Tenancies Act (Gurran, 2015)
The need for diversity in the dwelling is required for the change. The median dwelling price in the region is $845089 (Family and community service, 2019). The first home buyers would have to make a significant financial investment. The current structure needs a replacement for low-income housing. The lack of government investments for students is impacting the affordability and student's option in terms of housing and accommodation. Dwelling is structured by a lengthy planning process. There has been a substantial shift from detached homes to apartments.
The public housing is restricted with access given only to an Australian citizen, creating a barrier for international students. For international students dwelling schema is unfavorable. The rapid privatization has impacted the private sector.
The analysis is done through a survey and focuses the group on students at Macquarie University. The total student's strength was 115. The key area for the discussion was the current housing experience, housing
expectation, government role. The survey responders identified themselves as a male with 63% and female as 53%. The responses show indication for first home owners grant and removing negative gearing as the key sentiments with 52.17% considered first home purchase through the grant will be instrumental in the purchase. Fear of eviction as a real concern as 36.84%
The sentiments echoed in university renting concerns including housing stress and unsecured tenure. This showed students felt inhibited in the housing situation. The questions emerged with realistically purchasing first property is not in Sydney. The comments showed the desirability to move out of Sydney. In the focus group, students spoke about financial assistance from parents for the purchase of the property.
Responders showed housing supply to be created by the government as a prime effort. The majority of the responders were aged above 30 years of age. The Focus group showed real estate, the power imbalance between buyers and sellers as a major reason fo imbalance. The inclination of survey responders showed suburbs as the best place to raise a family. Shared tenancy shows privacy and safety concern for paying rent or mortgage in case of equity and capitalization of home ( NSW Department of Planning and Environment, 2018)
Students are renting out of necessity and are positive about the purchase of the property. Focus group discussion highlighted the decision of renting is based on income and current priority. The purchase decisions for property and information is driven by online media and family and friends. Future government policy as a force for shows homes grants drives as support in the purchase of the property. The result of the survey and focus group shows parental support, location, type of housing. Student's insights highlight homeownership, support from family as purchase final decisions. The growing inequity based on non -affordability as a gap is reflected in housing price. Regulatory and government intervention will aid first home buyers. A considerable drop in housing stock will drive prices. Indicative house purchase age and gearing impact the housing budget and location consideration for the responders. Entry and key hurdles show the gain in access for average buyers. The survey responder was also exposed to a lack of hygiene, privacy, and safety.
Australian Bureau of Statistics. (2019). Census QuickStats. Retrieved from http://www.abs.gov.au/websitedbs/D3310114.nsf/home/census.
Bangura, M., & Lee, C. (2019). The differential geography of housing affordability in Sydney: A disaggregated approach. Australian Geographer, (1), 1-19. DOI: https://doi.org/10.1080/00049182.2018.1559971
Family and Community service (2019). Rental bonds report December 2019 Sydney. NSW government
Gurran, N., & Phibbs, P. (2015). Are governments interested in fixing the housing problem? Policy capture and busy work in Australia. Housing Studies, 30(5), 1-19.
NSW Department of Planning and Environment. (2018). Metropolitan Housing Monitors. Retrieved from https://www.planning.nsw.gov.au/Research-and-Demography/Metropolitan-Housing-Monitors
Williams, R. (2018). Australia's student housing crisis. Independent Australia, Retrieved from https://independentaustralia.net/life/life-display/australias-student-housing-crisis,12003
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