Are You Planning To Buy A House In Sydney? If you reside in Sydney, you understand that the housing market is a hot topic currently. There has been news that in 30 years, the city expects to see a housing shortage and as a result of this, the population of the city will drop too. The chronic housing problems of Sydney are at present a big problem and builders in the Sydney area will need to fight together in order to look into and solve the problems that the housing markets are facing. The government has a target of new home construction level for Sydney set at 25,000. Currently, Sydney builders are finishing around 9500 homes per year, which is well below the average of 17,500 each year that the city used to produce. The low percentage of homes that are being built in the area is a major problem that must be faced. With Sydney expecting to develop by 21% in the next 4 months, if you’re trying to buy a home in the area, now is the time to do it. The cost of building a home or finding a house that’s already built is predicted to become extremely high for most average families to afford. The government of Sydney has been providing incentives for residents to upgrade their homes or enter the housing market for the very first time. It is these incentives which are creating the expected growth in the housing market. However, the government has failed to spend money on the infrastructure of the city. This means that whilst the return to the housing market has been wonderful, the current market can’t hold on as a result of the shortage of houses that in the city. The planning for the city hasn't been done well, currently there are not enough homes being built to hold the number of individuals who wish to buy and own a home in Sydney. Maybe Sydney must take a look at Melbourne. This is the city which is predicted to take over as the largest city in the nation in the next thirty years. While
Melbourne has had fewer crises to deal with in their housing market, they must be doing something right. The housing market in Melbourne hasn't had any problems and continues to grow at a steady rate; perhaps the government of Sydney could learn something from this.