A new housing market in Sydney has sparked interest among many who are hoping to find a better life in a city that has become synonymous with wealth.
The Australian Bureau of Statistics said house prices in Sydney have risen by almost 20 per cent in the past year, but there is a shortage of homes.
The bureau said the number of houses listed for sale rose by 17.6 per cent to 5,743 in November, but it also reported that the median price was $4.9 million.
“It’s been very tough,” said one person who was seeking a house in the city.
“We are looking at a $3.6 million house, which would be great if we could have a roof over our heads and be able to afford to live in Sydney.”
“We have seen so much of Sydney being developed that we don’t have any homes,” said another person.
The boom in Sydney’s housing market is largely driven by investors who have poured billions into the city’s housing markets.
But it also has a broader financial motive.
“I think it’s more because of the banks who are doing a bit of a push in Sydney,” said the owner of a property in Sydney.
“They’ve got more money to put into it and the banks want to make money out of that.”
Sydney’s booming property market has become a magnet for wealthy foreigners, many of whom have put their money into the area.
Some investors in the area say they have found it easier to do business here because of a better tax base.
But many people are frustrated by the lack of affordable housing in the City of Sydney.
There is also concern that the booming housing market could lead to a rise in crime in the community, which could result in people taking matters into their own hands and committing crimes.
“The problem is we are just not seeing the same kind of development that is occurring in other parts of the country,” said Paul Chapple from the Australian Institute of Criminology.
“There are a lot of young people in Sydney who are leaving their homes in Sydney because of their lifestyle.”
“I do believe there’s a bit more to come, that is where the development and the growth is coming from, so I do believe that it’s something that we will see a lot more of in the future.”