GENERATION RENT: RENTERS now in the majority in over 40 per cent of Sydney: Report

 

THERE now appears to be a message shift from the Committee for Sydney since its former chief Lucy Turnbull moved on …

Back in September the Committee for Sydney released a report with four major reasons why Sydney was not a major global city

 

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THIS high percentage of 42% RENTERS and loss of Housing  Affordability has skyrocketed during the terms of the LNP!  With high earning Professional couples also locked out of home ownership .. due to LNP Policies:

-allowing developers to sell 100% “new homes” to foreign buyers (FIRB)

-early October 2018 the Morrison Govt exempted Real Estate Agents, Lawyers and Accountants from Anti-Money Laundering Legislation

.facilitating the onshore Proxy to launder black money in Australian Real Estate

-Visa Manipulation upon property purchase to gain residency

CONSTITUENTS must demand better than the NSW LNP alternative of “Build to Rent” for Australians to become life-long tenants!

FIND OUT MORE ON CAAN WEBSITE:

https://caanhousinginequalitywithaussieslockedout.wordpress.com/

GENERATION RENT:  Renters now in the majority in over 40 per cent of Sydney: report

More than 40 per cent of neighbourhoods across Greater Sydney now have a majority of renters, making tenants a growing electoral force in NSW.

That’s the conclusion of a report by lobby group the Committee for Sydney which maps how renting is on the rise in the city.

Renters on the rise
Where Sydney’s homes are owned outright, under mortgage or rented (SA2 areas)

 

https://e.infogr.am/1pmnnvmzl773e5s3wd25mdvn3quznzqnkk9?src=embed#async_embed

 

The neighbourhood with the highest share of renters in Sydney was Parramatta-Rosehill (70 per cent) followed by Warwick Farm (67 per cent).

But a swag of inner-city neighbourhoods were also among the ten suburbs with the biggest proportion of renters. They include Redfern-Chippendale (65 per cent), Potts Point-Woolloomooloo (65 per cent) and Pyrmont-Ultimo (64 per cent).

 

Eamon Waterford, Director of Policy, Committee for Sydney, said political parties cannot ignore the needs of Sydney’s growing band of renters.

“Whilst housing affordability is already a major political issue in NSW in relation to buying property, ‘Generation Rent’ are becoming a major electoral force,” he said.

 

“Renters are increasingly likely to look for assistance from government – especially to provide greater certainty and protection. The current state election in Victoria has seen enhanced rights for renters, such as more secure tenancies and ability to keep pets, debated widely.”

The report showed Sydney’s most economically dynamic regions – those suburbs with the highest proportion of high-value knowledge jobs and high job density – coincide with high rates of renting.

The committee’s report says wealthier professionals are increasingly opting to rent in places with good access to jobs, transport and services rather than buying homes in locations with fewer amenities or close proximity to jobs.

“The rise of the wealthy renter mirrors a similar trend in the US, where within cities of more than a million residents a growing number of renting households are earning more than 120 per cent of median income,” it says.

At the same time, a growing share are renting out of necessity rather than choice.

“There are a growing proportion of rental properties in Sydney’s fringe suburbs which act to service lower income renters,” said the committee’s report which was produced in collaboration with OneMap, a mapping company.

“These groups have been pushed away from inner city areas as wealthier tenants enter the rental market and use their purchasing power to absorb the better-placed rental stock.”

Older, more established parts of Sydney have the highest outright ownership, especially the northern suburbs and parts of the south.

Large areas of Sydney’s outer west and southwest had a majority of mortgaged homes suggesting those regions are most at risk of financial hardship should interest rates start to rise.

The report’s mapping analysis showed 42 per cent of neighbourhoods across Greater Sydney have a majority of renters.

The Sydney neighbourhoods with the lowest share of renters were Woronora Heights (5 per cent) and Illawong-Alfords Point (7 per cent) in the city’s south and Glenhaven (6 per cent) in the northwest.

The 2016 census revealed the share of renters in Sydney is now higher than those who own their home outright.

 

Matt is a senior writer for The Sydney Morning Herald.

SOURCE:   https://www.smh.com.au/business/the-economy/renters-now-in-the-majority-in-over-40-per-cent-of-sydney-report-20181104-p50dyb.html

 

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