Sydney is at risk of an ‘affordability crisis’ after it failed to meet housing completion targets, claims a major analyst.
The McKell Institute's new Quarterly Homes Monitor, which compares dwelling completion figures with targets in the Sydney Metropolitan 2036 Strategy, uncovered the shortfall.
The report counted 3,017 completions for Sydney in the first quarter, which was significantly down from its ‘ideal’ target of 8,750.
“These figures ought to sound an alarm bell for the newly elected councillors across Sydney who need to understand that home ownership is becoming a preserve of the wealthy,” said Peter Bentley, McKell Institute’s executive director.
“Sydney is already Australia’s most expensive city to buy or rent a home and our monitor suggests this is about to get much worse," he said.
However, outside of Sydney, the NSW construction market has been tipped to grow strongly by BIS Shrapnel, which forecast a 21% growth over the next year.