Since the mid 1990s, while Sydney has enjoyed economic prosperity, its housing crisis has had a severe impact on low-income families and single person households. This paper examines some of the main issues and causes surrounding housing stress in Sydney, from a socioeconomic, governmental, and property investment perspective. A combination of the housing price bubble, reduced affordability leading to a decline in home ownership, and a shortage of low-cost housing stock underpins the major housing problems in the city. In order to improve the housing market and meet people's needs for accommodation, there is urgent need for government policy change, public education regarding property investment, and prevention of speculative behaviours in the property market. Dealing with socioeconomic polarisation and the increasing population will prove a great challenge for federal, state and local governments.
Scopus Subject Areas
- Sociology and Political Science
- Urban Studies
- Tourism, Leisure and Hospitality Management
- Housing bubble
- Housing policy
- Property investment