- Key workers are often priced out of property locations near their work
- 31,000 key workers in Sydney live in overcrowded houses
- 95 affordable dwellings in Northwestern Sydney will be made available
More affordable housing will soon come to the City of Ryde in Sydney’s north, courtesy of a new deal between Landcom and Link Wentworth.
The NSW Government agency Landcom has partnered with Link Wentworth to provide 95 affordable dwellings in Northwestern Sydney.
Minister for Planning and Public Spaces Rob Stokes said the partnership between Landcom and Link Wentworth will deliver a 100% affordable housing development, that includes long-term affordable rentals beyond 10-year terms and shared equity options.
“The 95 affordable dwellings will help people who are priced out of the market to continue to live and work in their local community,” Mr Stokes said.
Unaffordable
The Property Tribune has reported that key workers were often priced out of locations or even close to locations that would allow them to have a reasonable commute to work.
The Housing key workers: scoping challenges, aspirations, and policy responses for Australian cities report reveals that in Greater Sydney only two local government areas have a median house price affordable to key workers on moderate incomes. However, both of these suburbs are 150km from Sydney CBD.
According to the report, 31,000 key workers in Sydney lived in overcrowded houses, and that’s not including the 52,000 who live under housing stress.
In terms of travel, key workers in Sydney, compared to other workers, were also more likely to commute for more than 30 kilometres, primarily by private car.
The research also found it’s not just purchasing itself that is unaffordable – only 2% of new rental properties in the Greater Sydney region were deemed ‘affordable’ for key worker households, using the $790 weekly wage of a laundry worker.
“Key workers like nurses, cleaners, childcare and retail workers deserve to live in their local area. This partnership demonstrates the NSW Government’s commitment to tackling housing supply and affordability,” said Minister Stokes.
Landcom CEO, John Brogden, said the partnership will provide multiple options:
“The partnership will deliver a range of innovative rental and ownership options for residents of the development. These will not only include the traditional affordable rental models, but shared equity options are also being explored.”
John Brogden, Landcom CEO
“At Lachlan’s Line, it is intended that around 10% of the units be made available as a shared equity product.”
Mr Brogden also noted that “NSW requires an additional 317,000 social and affordable housing properties by 2036 to meet current and future demand which is why we needed to break the mould and try innovative approaches.”
The new houses will be available for residents to move in from late 2024.
