Sydney’s house prices have long been a concern for policymakers and the
wider community. Debate continues over the causes of Sydney’s sustained house
price growth, though most agree that some combination of demand fundamentals
and supply constraints have led to the house prices we see today. There is no
shortage of responses to this pressing issue, as can be seen in the solutions
proposed by a range of stakeholders and the prolific media commentary over these
past few months. Whether the latest tranche of policy proposals and ideas will
ease the affordability challenges facing Sydney (and other parts of Australia)
remains to be seen.
This paper presents the issue of housing affordability in Sydney in three parts:
Trends in house prices in Sydney and other parts of Australia, as well as a summary of key housing affordability measures;
An overview of supply and demand drivers that have influenced house prices in Sydney; and
The social and economic impacts caused by high house prices, as well as recent policy proposals and responses aimed at addressing these consequences.
Accompanying this briefing paper is an interactive map displaying Housing NSW's median house price by Greater Sydney postcode for September 2016 (the most recent available data). Users can determine available suburb median prices for all dwellings, as well as strata and non-strata dwellings.
The map is available below, along with instructions for use and relevant information about the data being presented:
Source: Housing NSW, Rent and Sales Report, Issue No 118, March 2017
Strata dwellings are
defined by Housing NSW as including townhouses, terraces/villas,
flats/units, and other multi-unit dwellings with Torrens titles
Non-strata dwellings are defined as separate houses
Some prices fluctuate significantly
over time or show other anomalies. Accordingly, prices shown are indicative and should be treated with caution.
Suburbs without available price data are shown in grey and price listed as N/A
How to use the map
Zoom using +/- button to find specific electorate
Click "Visible layers" to see different indicators, only one is visible at a time
Hovering over the map shows suburb data,
not electorate data
Suburbs are colour coded based on the data, with white boundaries
The NSW electorates are named, with black boundaries