Sydney Locked Out: Home Ownership at 70-Year Low
Family First Party
Family First's NSW Legislative Council lead candidate says the Sydney housing crash is proof that decades of failed supply policy, not more taxpayer subsidies, are locking young Australians out of home ownership for good.
Family First National Director and NSW Legislative Council lead candidate Lyle Shelton says new data showing Sydney's home ownership rate has crashed to its lowest level in 70 years is proof that chronic housing undersupply, not a lack of government handouts, is locking young Australians out of the property market for good.
Mr Shelton said the KPMG analysis, showing Sydney's home ownership rate has slumped to 59.9 per cent — down from 61.1 per cent in 2021 and the lowest level since the 1950s — should be a wake-up call to both major parties.
“Sydney has gone backwards on home ownership by more than half a century, and yet our political class keeps pretending another taxpayer-funded scheme will fix a problem caused by a chronic shortage of land and homes,” Mr Shelton said.
“Almost two in every five Sydney households are now renting from a landlord. That is not a housing market, that is a housing crisis — and it has been manufactured by governments of both political colours who refuse to release land, refuse to cut red tape, and refuse to bring immigration back to a level our housing supply can actually support.
“More than 83,000 additional households have been forced into the Sydney rental market in just four years. These are young families and workers who did everything right and are still locked out of the Australian dream because governments would rather import more renters than build more homes.
“Family First has a plan to fix this: release more land for housing, strip back the excessive compliance costs driving up the price of every new home, ban foreign purchases of Australian housing where there is no reciprocal right for Australians to buy there, and significantly cut immigration until supply and infrastructure catch up.
“We also need to free up existing housing stock by letting pensioners downsize without being punished by the assets test, so older Australians can move into homes that suit them and younger families can move into the homes they leave behind.
“Handouts and subsidies without more supply just push prices higher — Sydney's ownership crash proves it. Families don’t need more slogans from career politicians, they need governments willing to build enough homes and manage immigration responsibly, so your people are not locked out of the Australian dream,” Mr Shelton said.
“Family First will keep fighting for policies that put Australian families first — ahead of the housing crisis both major parties have created and refuse to fix.”
ENDS
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Lyle Shelton
