The proof that Minns’ housing policy is the right call

With many empty-nesters staying put as their children leave home, possibly to join immigrants moving to greenfield suburbs, the population crush is coming down heaviest on western Sydney and it is skewing housing resources.

But around half of the city’s suburbs had not recovered their pre-pandemic head count. Among the largest declines compared with 2019 were Potts Point-Woolloomooloo, which lost nearly 3000 people, Kensington , Newtown and Bondi Beach-North Bondi . But the population boomed in greenfield suburbs to the city’s west: Marsden Park-Shanes Park in Sydney’s north-west added nearly 18,000 people between 2019 and 2023.

As reports of homelessness, vaulting rents, interest rate rises and the inability of younger generations to buy dominate the headlines, Premier Chris Minns deserves credit for the way he has tackled the state’s housing supply crisis.His government’s plan to get to grips with the soaring cost of homeownership in Sydney so far involves widespread rezoning, which will allow six-storey blocks within 400 metres of more than 30 of the city’s railway stations.

The latest population statistics are further proof that the Minns approach of sharing the load is actually a good policy. We cannot keep all growth contained to a few areas on the fringes. While previous governments considered that good enough, Sydney’s housing supply has failed to keep pace with demand, resulting in consistent upward pressure on property prices and rents. Today’s housing crisis means such a narrow approach is not only inadequate to the task but also totally unsustainable.

Source: Real Estate Daily Report (realestatedailyreport.net)

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