LOOKING OUTSIDE OUR BACKYARD FOR HOUSING SOLUTIONS

THE past two years have seen record price escalations in homes, placing even greater pressure on housing affordability in our city.

An increase in net migration from southern states, and welcome return of overseas students, will further squeeze the already low vacancy rate for rentals.

We have a supply shortage of homes, let alone affordable homes for those on lower to middle incomes, and families seeking to reside near schools. As an ever-expanding city, with limited land supply, the issue of hybrid housing needs must be placed high on the city planning agenda.

I keep looking at other cities and how they address rising population growth in limited spaces and in highpriced geographic locations, with Singapore and New York two interesting examples of how they have addressed housing affordability and ensuring access for all.

In the past 40 years,

Singapore has managed to boost home ownership for 25 to 34 year olds from 60 to nearly 90 per cent. That’s at a time when the percentage of Australians of the same age who own a home, has plunged from 60 to 45 per cent.

What Singapore has that Australia does not is a public housing developer. It puts new dwellings on public and reclaimed land, provides mortgages, and allows buyers to use their compulsory retirement savings. This is different to what we know as social housing by the Australian government.

New York City is also known for being an extremely expensive city for housing, however there are still laws in place to ensure that not every New York renter is left to the whims of the market, with approximately one million (44 per cent of) apartments in the city subject to these protections. While this law applies to older apartments, newer buildings can voluntarily participate in rent stabilisation in exchange for tax exemptions, making it attractive for landlords.

This allows many teachers/ health professionals and other key and essential workers required to live close to their place of work, to access affordable housing.

However, developers who have benefited from producing affordable housing and apartments through tax exemptions will most likely see a change introduced from June this year, meaning they too must consider a new approach to housing affordability.

In the wake of the pandemic, tackling the housing crisis to ensure city living is a more affordable option for all, is a global dilemma.

While the exodus of office workers from the heart of many capital cities generated a temporary supply solution and cheaper rentals – this will not remain.

Subsequently for lifestyle destinations such as the Gold Coast, the pandemic saw an