Soaring housing costs are causing concern in NSW. Photo: Arsineh HouspianAnxiety about the cost of housing has reached an all-time high in the wake of Sydney’s four-year property boom.
Polling shows 41 per cent of people in NSW now rate housing as one of the most important challenges confronting the community, up from 29 per cent in 2013.
Housing was the second-biggest concern behind healthcare, according to the latest Ipsos Issues Monitor, which asks respondents to select the three most important issues facing their state.
Ipsos analyst David Elliot said concern over housing and house prices in NSW continued to grow.
“In the second quarter of 2015 we saw a dramatic increase in the proportion of NSW residents who nominated housing as one of the top issues facing NSW,” he said. “Since that time concern has continued to build, with the third quarter seeing an all-time high of 41 per cent now nominating housing as an issue.”
Sydney’s median detached house price has risen by 65 per cent in the past four years and hit a record $1.068 million in the September quarter, according to Domain Group figures. It is also the toughest city in for renters, with key rental indicators showing affordability at “crisis levels” across the metropolitan area.
This month NSW Treasurer Gladys Berejiklian described housing affordability as one of her “biggest stresses” and said she was “looking for opportunities to further support people who want to get into the housing market”.
It is understood state government agencies have been working on a package of measures to improve affordability in Sydney.
Disquiet over the cost of housing has deepened in NSW despite a massive boost in supply. The number of new dwellings approved in the state has more than doubled over the past five years, reaching a record 74,000 in the year to September.