I’m continuing to call out the appalling handling of housing affordability by the State and Federal Governments.
In 2020, nationwide servicing of an average new mortgage for a home required 30.3 per cent of your income. By October last year, that had risen to 49.5 per cent. In Sydney, that amount is 72.2 per cent.
In other words, if you live in Sydney and you’re on an average income and want to live in an average house, then it will require $3 in every $4 you earn. That’s impossible.
There are two things we must do. Firstly, we must temper population growth. Sydney’s housing is not keeping pace with the number of new arrivals. I’m an enthusiastic supporter of migration and a multicultural Australia, but, in 2022-2023, net overseas migration contributed 174,000 people to New South Wales, the bulk of them in Sydney. So, demand is too strong, and the housing market’s out of kilter.
Secondly, we must responsibly increase the housing supply. It’s a social and economic necessity, but it must be done in a way that works with local communities.
I’m deeply concerned about the new planning regime that’s been put in place by the Minns Labor government. They want to remove the say that local communities have on how we increase housing supply.
I believe community inputs will always make developments better. The Minns Labor government’s top-down approach to densities will strip local communities of their autonomy.
I support more housing, I support sensible local housing targets and I support investments in local infrastructure, but it all must be done in partnership with local communities.
We all must work in partnership in tackling this vital challenge for the future of our area and our country.
