[Music]
apparently a hundred years ago there
were witches that actually lived here
but that hasn't stopped it from being
one of the most popular houses on the
market this year
there's a huge hole as you walk in the
front of the house we put a bit of ply
board there but we're still recommending
that people step over that if they can
some of these houses they're in such bad
condition that we have to actually get
people to sign waivers just so they
understand what they're walking into
we've had over a thousand inquiries
online we've shown about 60 people
through the home sent out 30 contracts
with the market feedback have been
anywhere 1.3 and 1.4 million so it just
makes it a really great raw site for
someone looking to renovate Kevin do you
want to know out here as well yep
[Music]
well ladies and gentlemen we're here to
sell so we open the bidding ladies and
gentlemen at one million one hundred
thousand I thank you for that sir one
five at one million six I have oh
sailing of one million 918
so congratulations ladies and gentlemen
have a greater tonight alarms are going
off in Sydney known as Australia's
Bellwether property Market the coastal
city ranks as the second least
affordable housing market in the world
among 94 major cities this Rush is very
overwhelming it's not enough Supply and
there's too much demand
I've been selling in the area for the
last 18 years the Sydney Market is the
strongest in Australia and that has to
do with the beaches the accessibility to
the City airports it's a fantastic
location with a huge lifestyle scene and
I think it's the highest growing
population out of all the Australian
cities and that's always going to cause
prices to go up when land and and homes
are scarce the toughest Market I'm
finding for buyers are the low-income
first home buyers and they're often
looking at one bedroom or two-bedroom
apartments because you can imagine when
rates go up from two percent to six
percent that's huge for someone who's on
a single income salary you know looking
to buy their first home
the predicament is neared globally from
the UK to Singapore with little to no
signs of relief so what's driving this
housing Crunch and what are the
consequences for buyers sellers
construction firms and the government
National home prices in Australia have
risen 33 since the onset of the pandemic
at the same time interest rates are
markedly higher now the reason why we're
seeing that is the fact that we've got
very tight conditions with respect to
the supply of stock on market we've also
got the unemployment rate which is
sitting around a multi-decade low adding
an additional sense of security for home
buyers so we're continuing to see that
housing demand has been bolstered by a
very strong Rebound in net migration
the population of Greater Sydney is
expected to grow by 1 million by 2041 to
6.1 million people to cope with that
influx the state needs about 900 000
additional dwellings by then according
to government estimates but the tight
supply of homes for sale isn't the only
problem
[Music]
rental markets in Australia are
incredibly challenged at the moment so
we've got vacancy rates which are at or
close to record lows in most Capital
Cities australia-wide we've got very
strong demand to rent and that continues
to outstrip the supply of available
rentals
less than one percent of the country's
rental properties are available for
occupancy which is the lowest among
comparable markets globally and the
tight Supply partly explains why rents
for houses and apartments surged by 16
and 20 respectively in the past year
alone
when we look at the affordability
challenges that the housing market
presents in Australia we're seeing that
it is the younger generation of
Australians that are most impacted by
these challenges and also amongst those
on lower income
23 year old Harry and his mother live on
the outskirts of Sydney
Harry is a student and has a part-time
job with a two-hour commute each way
they're bearing the brunt of the housing
crisis having been left with no choice
but to move from house to house to house
the house we were put in previously I
think we started renting it for 470 or
500 a week it Rose to 550 we just
couldn't keep up with the cost my mum is
a Catholic Primary School teacher she's
lived in the area for 20 something plus
years and she can't afford to live in
the same area that she's lived in
Harry says they were evicted from their
rental house in 2022 when they asked for
repairs to the shower
and then suddenly we've just had to drop
everything and spend all of our time
looking for rental properties just
inspection after inspection and
afternoon spent going to inspections and
applying for properties and not hearing
anything back one of the inspections
that we went to in a suburb nearby we
got there and there were around about 85
people I think we counted you don't
really stand a chance when there's that
many people who are going it's the same
with the pitch and it's kind of like wow
you know let me do a resume for my dog
[Music]
hurdles remain for building more homes
to ease the supply crunch in the
background are the construction
collapses with firms going bankrupt by
the dozens
a pandemic driven building boom is
partly to blame construction firms had
agreed to fix price contracts with
lockdown homeowners looking to fix up
their properties but then the cost of
Labor and building materials spiked
along with inflation
according to the builders Collective of
Australia houses are now 30 percent more
expensive to build than before the
pandemic for some any kind of relief
can't come soon enough one way to help
alleviate current challenges in the
Australian housing market is also by
incentivizing or increasing the supply
of Social and affordable housing for a
portion of housing market participants
that are so often overlooked and for
whom it is crucial to be able to access
stable and secure housing tenure
across Australia housing Supply and
housing affordability is a challenge we
are looking at opportunities to Greater
provide densification we're looking at
providing more planning Pathways for
different types of housing typologies
firstly increasing the social housing
stock where you live it's not just a
roof over your head either it's your
community it's where you build your
family it's where you build your
networks it's how you get to know people
it's your sense of self we've recently
received 610 million dollars from the
Commonwealth government that will be
directly put into social housing and the
government has a contribution they make
to social housing uh in in the millions
of hundreds of millions each year to
make sure that we reinvest in both new
and improved social housing stock at the
moment every single aspect of renting in
this country is centered around profit
the home is such an Indescribable you
know thing but and realistically you
might not even get the privilege to own
your own home at all
[Music]
boom boom boom