Sydney tenants are suffering through the longest stretch of price increases on record, while vacancy rates have tumbled, bemoaned 7News last week:
“Renters in particular are getting absolutely hammered”, said NSW Premier Chris Minns.
But don’t worry, NSW Housing Minister Rose Jackson offered soothing words to Sky News:
“We hear you; we see you”, Jackson said.
“Your voices are coming in loud and clear”.
“There have been things that we’ve already done … there will be more things that we do”.
“This is a regular and top priority topic of conversation”, she said.
The reality of the situation is illustrated in the below charts.
NSW just received the largest intake of net overseas migrants in the nation’s history, with an astounding 153,400 net migrants arriving in the state over the year to March 2023:
Meanwhile, actual dwelling construction rates have collapsed, which has driven a yawning gap between housing demand (via immigration) and supply:
Instead of lobbying for even more immigration, Premier Chris Minns should be demanding the Albanese Government slash the migrant intake.
The only way to solve the housing crisis is to lower NSW’s (and Australia’s) population growth to a level that is below the rate of supply of both housing and infrastructure.
Otherwise, the housing crisis will continue to worsen.
The equation is really that simple.
