The state-wide housing affordability crisis just keeps getting worse and Wollongong is at the forefront of the problem.
Recently named by the Domain Group’s Regional House Price Report as Australia’s third most expensive city with house prices jumping by $100,000 in the past year, increasing the median house price to $700,000. This price tag is becoming almost unattainable, especially for first home buyers.
In 2011, first home buyers made up 18.3% of the market. Astonishingly, recent statistics show this has fallen to 7.98% - less than half the long-term average.
The NSW Labor Opposition believes an integrated approach is needed and proposed a bipartisan Housing Affordability Summit.
The Summit was to seek policy proposals and input from across the sector with a specific focus on supply, property related taxation and incentives which are some of the levers within the control of the NSW Government.
Premier Berejiklian, who was Treasurer at the time, rejected the suggestion and refused to participate in a summit. The Premier has again rejected the idea of a housing adffordability summit despite naming housing affordability as one of her priorities.
Quotes attributable to Shadow Minister for the Illawarra Ryan Park:
“The housing crisis is a serious and multifaceted issue that is not going to be solved with one solution.
“The Premier simply can’t sit by and think that supply is the only answer. At the state level, one of the biggest issues is stamp duty. All the experts agree that stamp duty is an inefficient tax. We need to work together, to make sure we have the best system in place.
“First home buyers can’t afford an obstacle that just makes things harder for them to enter the marketplace.
“My offer to the Premier stands, put politics aside and lets join together to fix this crisis. Future generations are relying on us to get this right.