Posted May 11, 2019 07:05:03New apartment building owners in Sydney’s west are going to be paying more than $20 per hour to rent the same floor as the average person for a few months, according to a new report.
Key points:A study found apartments in Sydney could cost more than they cost today if there was more affordable housing available in the cityThe report said there were just 1,600 affordable apartments in the regionThe average apartment rent in the Sydney metropolitan area is now $1,600 a month, according the Housing Trends NSW report.
The report, released by Housing Trends, found apartments on average cost $1.65 per square metre, a five per cent increase from last year, and a 30 per cent jump from a decade ago.
“We’re really seeing rents rising in the CBD, and particularly in the west of Sydney, and it’s a concern that’s been growing over the past decade,” Ms Smith said.
“This is something that’s really important to our council, and this is something we can do something about.”
A number of major cities around the world are now experiencing a housing shortage, with the number of new housing units in Australia increasing by 20 per cent a year.
The report also said more affordable homes were being built in Sydney, with a total of 1,608 affordable apartments.
“This may be an anomaly, but we know that many of the affordable units in Sydney are in the West End and are very expensive, or are in a lower-income building and are not well managed,” Ms Jones said.
The study found that an average apartment in Sydney now costs about $1 million.
There were only 1,601 affordable units built in the area in the past 10 years, according Ms Smith.
But the city was still in the market for 2,000 affordable apartments, with more than 1,200 units in the pipeline, she said.
Ms Smith said she wanted to see a focus on providing affordable housing to young people in Sydney.
“Young people need to be encouraged to live in a more affordable place, to have a good quality of life,” she said