How Sydney Is Fighting Back With Affordable Housing Options

The hottest topic in Sydney over the past decade is the ever-rising costs involved in home ownership. The question is no longer ‘where are you buying?’ - it is now ‘how can you buy?’

It’s a valid question - especially when you consider the rate at which the value of Sydney property has climbed. Previously ‘working class’ areas are into the second generation of gentrification (think Bondi, Manly, Paddington, Surry Hills, Marrickville) and those who are young and itching to get into the property market are having to look further and further from their city centre jobs in order to get a foot in the door.

But Sydney is fighting back one small step at a time. An array of government schemes, incentives and (old-fashioned) clever community nous is combining to help ensure Sydney has options available to those who want their piece of the action, for a small fraction of the price.

Community Co-operatives

In a nod towards the community formed alliances of decades past, prospective buyers have turned their woes into ‘go’ by pooling their available resources, time and money in order to get their own slice of Sydney.

By subdividing larger blocks and pooling the cost of building, savvy community-minded individuals can reap great cost savings, while fostering a unique and lasting bond.

Not for profit organisations also help both potential home owners and erstwhile renters to find their ideal homes. Through access to housing schemes and partnerships, NFPs can offer potential buyers and tenants a greater range of affordable houses and apartments at a discounted rate negotiated by way of multiple purchasing.

Building Trust

On top of the efforts by community based housing cooperatives, home builders and developers are also playing a part in driving down housing costs. By agreeing to allot a certain percentage of homes to approved housing programs, governments are deregulating and removing existing planning restrictions on otherwise locked-up land.

Housing affordability schemes also utilise these allotted homes by enabling pre-selected buyers (income and assets tested) to apply to buy. The state government works with developers in order to set targets for housing numbers, while also ensuring that an adequate number of rental properties remain as a part of the scheme for renters in need of assistance.

Dwelling On It

Granny flats, caravans, tents. If it can be shared and slept in, Sydneysiders have found a way to turn it into an extra space - and an extra income in their struggle to own a bit of the harbour city.

The sharing economy is in full force in Sydney, and there’s no demographic left behind in the discovery of the benefits of renting out extra space via sharing platforms such as AirBnb and stayz.com.au.

Savvy mums and struggling students alike have churned guests through disused guest rooms and lounge rooms. Families and investors with extra cash have also jump-started the granny flat and studio space boom.

Those with extra space or an oversized backyard have been taking advantage of increasingly affordable options in granny flats and studios. Sophisticated, bespoke ‘small homes’ are able to be built in backyard spaces, creating extra space for new tenants, and generating further income for those wishing to pay down their exorbitant mortgages - adding value to their property in the process.

With no sign of the property boom busting, Sydneysiders are finding new and ingenious ways to keep their property dreams alive. Whether it’s home ownership, or a more affordable rental for a young family, there’s a solution being dreamed up to help ease the squeeze.