Sydney needs 190,000 homes in 10 years

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The next decade would require Sydney to have 190,000 homes to accommodate the growing population across the region, a report by the Property Council of Australia showed.

The report, which contains data from the Australian Bureau of Statistics, was said to have been obtained by The Daily Telegraph.

It claimed that Sydney’s councils have failed to approve sufficient number of housing starts to meet the demand, which is also partly the reason of record-high prices in the area.

The report also warned that in 10 years, families would experience difficulty in finding a place to live as the estimated shortfall sits at almost 20,000 homes. So far, the report said an average of 17,002 homes have been approved in Sydney each year for the last decade.
“Sydney councils need to turbocharge housing supply because right now homebuyers and our economy are paying the price,” NSW Property Council executive director Glenn Byres said.
“Home building is critical to the state’s economy — and supports tens of thousands of tradespeople and other workers.
“If we fail to keep pace with demand, we drive up prices and make housing less affordable for the next generation of homebuyers.”