A recent report raises alarm bells about Sydney’s future, warning of the possibility of the city becoming devoid of grandchildren if urgent measures aren’t taken to address its housing crisis.
Sydney faces a stark reality as a new report sheds light on the looming threat of becoming a “city without grandchildren,” stemming from a housing crisis that is driving young families away from one of Australia’s most populous urban centers.
Authored by NSW Productivity Commissioner Peter Achterstraat, the report reveals a troubling trend, indicating that between 2016 and 2021, Sydney experienced a net loss of twice as many residents aged 30 to 40 as it gained. Despite its reputation for offering some of the highest average wages in the country, the city is hemorrhaging a significant portion of its working-age population to other states and regional areas within NSW.
According to the report, approximately 35,000 individuals relocated to Sydney during the specified period, while a staggering 70,000 opted to depart, signaling a troubling exodus that extends beyond retirees and “grey-nomads.”
Mr. Achterstraat sounded the alarm, emphasizing the urgent need for action to prevent Sydney from devolving into a generational void. He attributed the mass migration of young families to the prohibitive cost of homeownership, with many forced to settle for residences in outlying suburbs due to affordability constraints and endure lengthy commutes as a result.
Proposing a solution to stem the exodus, Mr. Achterstraat advocated for increased housing density, particularly in inner-city suburbs, as a means to enhance affordability and bolster productivity. He emphasized the potential benefits of vertical expansion, citing that allowing taller buildings could have facilitated the construction of an additional 45,000 dwellings between 2017 and 2022, thereby driving down housing prices and rents.
Echoing the call for reform, NSW Minister for Planning and Public Spaces Paul Scully underscored the pressing need for housing policy overhauls to accommodate the needs of future generations. He urged political opponents to support bold initiatives aimed at stimulating housing supply and alleviating affordability pressures, emphasizing that without adequate housing stock, the aspirations of young Australians to establish roots in NSW could be jeopardized.
The personal accounts of families like Adrian Tucci’s and Jo and Andy Roe’s underscore the profound impact of Sydney’s housing affordability crisis on individual lives. Tucci, who relocated to Cairns with his family to escape financial strain, and the Roe family, who sought refuge in Canberra after struggling to find affordable housing, exemplify the harsh realities faced by many young families grappling with Sydney’s housing market challenges. As families are compelled to make difficult decisions about their futures, the urgency of addressing Sydney’s housing crisis becomes increasingly apparent in safeguarding the city’s demographic vitality and future prosperity.
