As housing affordability becomes an increasing problem for inner-Sydney, the City of Sydney is considering selling some prime sites on the cheap to developers who will deliver more inexpensive housing options.
More than $30 million of inner-city property could be bought up by developers who will then provide housing for less than the market rate.
Between 2002 and 2009 the average rent for a two bedroom home in inner-Sydney has risen from $350 to $500 per week.
“Housing affordability is an increasing problem in inner-Sydney. Average rents are increasing at a substantially higher rate than average wages and more households are experiencing ‘housing stress’,” a City of Sydney spokesperson told Architecture & Design.
The city is seeking expressions of interest from the market to buy or lease six large properties in Darlinghurst, Green Square, Redfern, Waterloo and Ultimo.
“To ignore our affordability crisis and not ensure a sufficient stock of affordable housing will risk a shortage of low income workers in key sectors of our economy who chose to work elsewhere because they cannot access affordable housing close to where they are employed. For those who need to work in the city, there are longer commuting times placing increased strain on families, public transport infrastructure and the environment,” said the spokesperson.
