Latest ABS data shows that the median Sydney established house price has risen to $970,000 – the highest in Australia and the highest on record, confirming housing affordability under the Berejiklian Government continues to worsen.
This is an increase of $70,000 in just three months, from October 2016 to December 2016 (see table below).
The next most expensive city was Melbourne with a median house price of $675,000, which was still $295,000 below the Sydney price.
Earlier in the year, other sources such as Domain recorded the Sydney median house price to be over $1.1 million.
All this data confirms one thing – the Berejiklian Government has failed to address the housing affordability crisis.
Other ABS data (December 2016) shows NSW first home buyer loans only comprise 8 per cent of the market.
Further, people’s wages in NSW are growing at record lows currently at 2.1 per cent.
These factors combined are making it even more difficult to save up a deposit for a first home.
Last week Labor launched its next step to address housing affordability with a plan to raise the foreign investor surcharge levy from 4 to 7 per cent on residential properties.
Quotes attributable to Shadow Treasurer Ryan Park
“The Berejiklian Government has failed to address the housing affordability crisis.
“All we have heard from the Berejiklian Government is a lot of talk and not much action. Enough is enough; real action needs to be taken on this front.
“More needs to be done to help people get a roof over their heads or that dream of home ownership will recede for more and more people.
“A Foley Labor Government will put in place policies to actually assist first home buyers in this housing affordability crisis.”