6 July 2023
Community Housing Industry Association NSW (CHIA NSW) has called for urgent investment in social and affordable housing to address the growing housing crisis, as new data released today shows rents in Sydney rose at the fastest rate in 20 years.
“Without urgent action from the NSW Government families in our state are heading towards catastrophe,” said Mark Degotardi, CEO of CHIA NSW.
“To take the pressure off families and the rental market, we need urgent investment in social and affordable housing,” Mr Degotardi said.
“The evidence of the housing crisis couldn’t be clearer. Month after month rents continue to climb, vacancy rates remain at some of the lowest rates we have on record and we have a social housing waitlist in NSW with 58,000 families and individuals waiting for help.
“It’s time to confront this crisis head on and the first priority is to build the social and affordable housing our state desperately needs,” said Mr Degotardi.
“The Federal Government has recently invested $2bn in social housing. That investment is welcome, but it is not enough. This housing crisis demands that the State Government makes its own sustained and significant investment in social and affordable housing.”
Key findings from Domain’s Rent Report include:
- Rents for a unit in Sydney have surged by 27.6 per cent over the past year.
- Sydney unit rents have soared by $145 per week over the past year,
- Asking rent for the median apartment in Sydney reached a record $670 per week, an increase of 8.1 per cent over the June quarter alone
- About 127,000 additional dwellings will be needed this financial year alone.
The peak community housing body said that chronic neglect of social and affordable housing was one of the key factors behind the housing crisis.
“Social and affordable housing has been underfunded by successive governments for more than a decade. This kind of housing takes the pressure off the private rental market, and ensures there is a safety net for families struggling in a cost of living crisis,” Mr Degotardi.
“It’s time to cease the neglect of this critical infrastructure, by urgently investing significant funding in social and affordable housing so we can start building the homes families in NSW need.” Mr Degotardi said.
Media Contact: Bron Matherson, 0438 844 765