Sydney should accept Higher Housing Density

The McKell Institute recently released a supplement to its original report on housing affordability, which was published 12 months ago.
The postscript to the report Homes For All, which included advice on how to repair what it referred to as Sydney’s crisis of housing affordability crisis, postulated that aspiring home owners can no longer afford the current Sydney market.
It also said that a tight 1.6% rental vacancy rate is leaving tenants “powerless” against excessive rent rises.
According to the institute, there are approximately 56,000 people on the waiting list for public housing in New South Wales, and they said that Sydney residents might have to accept denser housing if they want better public transport and services.
Commenting on its postscript, the executive director of the Mckell Institute, Peter Bentley, said that part of the problem is that residents who oppose high density housing are more likely to be self-interested NIMBYs, which stands for Not In My Back Yard.
In its report, the institute pointed out the example that people often lament the lack of a New York-style metro subway system in Sydney, and yet they oppose more new homes that would result in the amount of people necessary for those types of services to be feasible.
People need to realise that if they want good infrastructure and services then it’s only viable if there is a bigger population, the report noted.
Source: http://www.afr.com/p/business/property/sydney_must_accept_density_housing_whS8jrXpv4B7dK9AJHLMeM

Follow loans.com.au

x-smallsmallmediumlarge