{"id":38941,"date":"2016-12-23T16:02:03","date_gmt":"2016-12-23T09:02:03","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/a-lesson-in-how-not-to-solve-sydneys-housing-affordability-crisis\/"},"modified":"2016-12-23T16:06:23","modified_gmt":"2016-12-23T09:06:23","slug":"a-lesson-in-how-not-to-solve-sydneys-housing-affordability-crisis","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/a-lesson-in-how-not-to-solve-sydneys-housing-affordability-crisis\/","title":{"rendered":"A lesson in how not to solve Sydney\u2019s housing affordability crisis"},"content":{"rendered":"


\nIt\u2019s like \u2018trying to put a bushfire out with a hose\u2019
\nSydney Opera House during the Vivid Sydney Annual Event in May. Leah-Anne Thompson \/ Shutterstock.com
\nSydney welcomed 31,000 new homes in the 12 months to October, the New South Wales (NSW) Department of Planning announced Thursday. This is apparently the most number of new homes to arrive within a year in over four decades.
\nThe emergence\u00a0of the new dwellings puts the NSW government closer to its goal of addressing the housing backlog across the state, according to\u00a0Planning Minister Rob Stokes.
\n\u201cBy building a simpler, more efficient planning system, we\u2019re working to improve housing supply and choice to help people get into the market,\u201d said Stokes.
\nMore homes have not translated into\u00a0lower Sydney prices, however.
\nMore: Which Australian markets are the biggest gainers of 2016 so far?
\nHousing affordability is one of the hottest-button issues gripping the country\u2019s largest city. According to Domain, the median house value in Sydney currently hovers at AUD996,000 (USD736,900).
\nAcademics and government officials are at loggerheads on the best way forward to navigating the crisis.\u00a0Augmenting the supply alone won\u2019t douse overheating home values in the city and would be akin to \u201ctrying to put a bushfire out with a hose,\u201d Peter Phibbs, head of urban and regional planning at the University of Sydney, told the Sydney Morning Herald.\u00a0\u201cWe\u2019re at 40-year highs [in building completions]and it hasn\u2019t generated any significant benefit.\u201d
\nAlthough Stokes \u201chad done everything right,\u201d Phibbs said the Australian government should take a more federal approach to addressing the affordability crisis via\u00a0taxation measures.
\nIn a speech to the Committee for Economic Development last month, Stokes railed against the practice of negative gearing and its role in the housing affordability crisis. \u201cWhy should you get a tax deduction on the ownership of a multimillion-dollar holiday home that does nothing to improve supply where it\u2019s needed?\u201d he said.
\nThe NSW government doubled stamp taxes in June and will be introducing a 0.75 percent land-tax surcharge next year. The levies stand to net the state\u00a0government more than AUD1 billion (USD739 million) in revenues within\u00a0four years.
\nRead next: Meet the Sydney-based real estate boss who does his own PR
\n
\nSource : property-report.com
\nRead more…A lesson in how not to solve Sydney\u2019s housing affordability crisis<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s like \u2018trying to put a bushfire out with a hose\u2019 Sydney Opera House during...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-38941","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-a85","jetpack-related-posts":[{"id":17130,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buying-a-house-in-sydney-get-ready-for-expensive-stamp-duty\/","url_meta":{"origin":38941,"position":0},"title":"Buying a house in Sydney? Get ready for expensive stamp duty","date":"June 20, 2016","format":false,"excerpt":"\r Property Council of Australia calls it a blatant \u201ccash grab\u201d New houses in Sydney (Image credit: News.com.au) In efforts to quell a potential property market bubble and plump up government coffers, the Australian state of New South Wales has announced it will be doubling stamp taxes beginning this week.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":132606,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/australia-needs-one-million-social-affordable-homes-by-2036\/","url_meta":{"origin":38941,"position":1},"title":"Australia needs one million social, affordable homes by 2036","date":"March 18, 2019","format":false,"excerpt":"\r Australia will have a deficit of 1.02 million social and affordable residential properties\u00a0by 2036, according to a joint report released this month by the University of New South Wales (UNSW) City Futures Research Centre and Community Housing Industry Association (CHIA) NSW. The continent currently has an unmeet need of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":142637,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/asbestos-in-sydney-mulch-what-are-the-regulations-and-should-they-be-tougher\/","url_meta":{"origin":38941,"position":2},"title":"Asbestos in Sydney mulch: what are the regulations and should they be tougher?","date":"February 14, 2024","format":false,"excerpt":"\r Contaminated batches of the landscaping product have been found across the city. We examine the rules for suppliers and whether NSW compliance measures are strict enoughGet our morning and afternoon news emails, free app or daily news podcastCommon landscaping products have been in the spotlight after the detection of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":31538,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/unaffordable-australian-housing-in-government-sights-morrison-says\/","url_meta":{"origin":38941,"position":3},"title":"Unaffordable Australian housing in government sights, Morrison says","date":"October 25, 2016","format":false,"excerpt":"\r Australian states need to remove or simplify residential land planning regulations that have made homes \u201cincreasingly unaffordable\u201d in the nation\u2019s biggest cities, treasurer Scott Morrison said. Insufficient land releases and complex development regulations must be addressed, Morrison said in Sydney on Monday. He will use a December meeting with\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":56580,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/australia-targets-foreign-homebuyers-with-new-taxes\/","url_meta":{"origin":38941,"position":4},"title":"Australia targets foreign homebuyers with new taxes","date":"June 1, 2017","format":false,"excerpt":"\r NSW doubles stamp duty for overseas purchasers in latest bid to subdue Sydney prices\r \r Source : ft.com\r Read more...Australia targets foreign homebuyers with new taxes","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2600,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/housing-severely-unaffordable-as-sydney-price-to-income-ratio-worsens\/","url_meta":{"origin":38941,"position":5},"title":"Housing 'severely unaffordable' as Sydney price to income ratio worsens","date":"January 25, 2016","format":false,"excerpt":"\r Sydney second least affordable after Hong Kong in survey of housing in major metropolitan markets across the worldHousing in Australia has been categorised as \u201cseverely unaffordable\u201d compared with metropolitan markets around the world, a comprehensive survey has found. Of 10 major metropolitan markets assessed in the housing affordability survey,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/38941"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=38941"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/38941\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=38941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=38941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=38941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}